The market closed at an all-time high on Friday with indicators showing potential for higher targets, so bias continues to be positive. This also being a truncated week, market may consolidate or move in narrow range. The support for the week is seen at 40,980/12,040 while resistance is seen at 42,370/12,500 for Sensex and Nifty, respectively. Bank Nifty would have a range of 31,690-33,080. Among banking stocks HDFC Bank looks positive along with ICICI and State Bank of India (SBI). Market at this level will witness stock specific movement with trend of all periodicities continuing to be positive.
BUY MARICO | CMP: Rs 337.50 | TARGET: Rs 380 - 400 | STOP LOSS: Rs 325
The stock has witnessed a steep correction from the peak resistance of 400 levels and has shown signs of bottoming out near 330 levels and we anticipate a bounce back from here on with the RSI also recovering from the highly oversold zone to improve the bias. We suggest to buy this stock for an upside target of Rs 380 - 400 keeping the stop loss near Rs 325 for the short-term time frame period.
BUY M&M FINANCE | CMP: Rs 323.10 | TARGET: Rs 360 | STOP LOSS: Rs 315
The stock has attained the base of the channel pattern to take support near 315 levels and we anticipate a trend reversal from here on to expect an upward movement till Rs 360 levels. One can buy and accumulate this stock keeping the support base near Rs 315 levels.
Disclaimer: Views expressed are the author's own. She may have positions in one or more stocks.