has the weekly trend down for the second week; however, the level of 11,630 seems to be acting as a good support and only a breach of it can trigger further downside movement. Bank Nifty, too, has been maintaining the 50-day moving average (DMA) level of 30,200 as a good support level to keep the trend intact. However, the support for the week is seen at 38,500/11,500 for Sensex
and Nifty, respectively, while resistance is seen at 39,850/11,940. Bank Nifty
would have a range of 29,930-31,300.
TARGET: Rs 130
STOP LOSS: Rs 111
The stock has made a higher bottom formation on the daily chart taking support near Rs 111 and has bounced back with a positive candle to move past the significant 200-DMA. It has implied strength and potential to rise further in the coming days. The relative strength index (RSI) has also indicated a trend reversal to improve the bias and has signaled a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 130 keeping a stop loss of Rs 111.
CMP: Rs 349.40
TARGET: Rs 375
STOP LOSS: Rs 333
The stock has maintained a good support near Rs 334 and has been consolidating for some time. Currently, it has indicated a positive candle with improving bias and we anticipate a further move in the upward direction in the coming days. The indicators have become favourable with the RSI also indicating a trend reversal, signalling a buy. With good consistent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 375 keeping a stop loss of Rs 333.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.