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Market has eventually got in new round of up move with a buoyant advance-decline ratio and all possibility of Nifty having its weekly trend turning up after 6 weeks if Nifty closes above 10,066. Once again there is participation from frontline from almost all sectors. The support for the day is seen at 10,050 while resistance is seen at 10,140.
ZEE ENTERTAINMENT ENTERPRISES – BUY
CMP: Rs 532.45
TARGET: Rs 560
STOP LOSS: Rs 518
The stock has been consolidating at around 520 levels gaining potential and strength and now has shown a positive bullish candle to signifying further positive bias in the stock to rally still in the upward direction. The RSI has strongly shown a steep rise with a trend reversal to signal a buy. We recommend this stock for an upside target of 560 keeping a stop loss of 518
PIRAMAL ENTERPRISES – BUY
CMP: Rs 2,751.35
TARGET: Rs 2,930
STOP LOSS: Rs 2,670
The stock has significantly recovered from the low of 2536 made recently and is showing positive bias with the RSI indicator indicating a trend reversal signaling a buy. The stock looks attractive which is taking support at the significant 144 WMA and we anticipate further upward movement in the coming days. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 2930 keeping a stop loss of 2670.
BHARAT FORGE - BUY
CMP: Rs 1,228.60
TARGET: Rs 1,320
STOP LOSS: Rs 1,170
The stock has given a breakout above the previous peak of 1200 level and looks promising for still more upward movement in the coming days. The RSI is on the rise while also the MACD is showing positive bias with potential to rise further. Along with good volume activity witnessed, we recommend a buy in this stock for an upside target of 1320 keeping a stop loss of 1170.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.