Nifty nearly touched the 12,000 level but witnessed tough resistance and slipped to close near 11,800-mark. The daily trend has turned down after eight days and so also the weekly trend which has made the bias a little bit cautious. As of now, the major support lies near 11,630 levels which, if broken, can see further downward movement in the coming days. However, the support for the week is seen at 38,860/11,600 for Sensex and Nifty, respectively while resistance is seen at 40,180/12,030. Bank Nifty would have a weekly range of 30,800-32,150.
CMP: Rs 279.45
TARGET: Rs 315
STOP LOSS: Rs 270
The stock has been maintaining a strong base near Rs 270 levels consolidating for quite some time and had indicated a positive bias with the relative strength index (RSI) showing a trend reversal to signal a buy. The volume participation has been tremendous and we anticipate a bounce back in the coming days to see further upward movement. With the chart looking attractive, we recommend a buy in this stock for an upside target of Rs 315 keeping a stop loss of Rs 270.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.