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Nifty has given a good bounce getting the daily trend up while weekly still continues to be down. Volatility index too has retraced where further correction for now seems unlikely. The support for the week is seen at 10080 while resistance is seen at 10460.
BUY INDIA CEMENTS
CMP: Rs 174.40
TARGET: Rs 192
STOP LOSS: Rs 164
The stock has made a triple bottom formation in the daily chart and has bounced back with a huge positive candle pattern and looks poised for further upward rise in the coming days. The RSI has regained from its low and has indicated a trend reversal thus signaling a buy. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 192 keeping a stop loss of 164
BUY APOLLO TYRES
CMP: Rs 247.90
TARGET: Rs 265
STOP LOSS: Rs 236
The stock has taken support at the significant 200 DMA which lies at 238 levels and has bottomed out there to regain strength with a reversal indicated. The stock looks promising and we anticipate it reach the peak level of 260 and scale further upwards. The RSI also has bounced back and has shown a positive bias signaling a buy. With good decent volume participation witnessed, we recommend a buy in this stock for an upside target of 265 keeping a stop loss of 236
CMP: Rs 514.45
TARGET: Rs 545
STOP LOSS: Rs 492
The stock has been making a series of higher bottom formation pattern in the daily chart and has maintained an upward trend in the recent past. The stock has been in consolidation period and now has indicated a positive candle with a positive bias in the daily chart. The MACD also has shown a trend reversal and thus support our view of a buy in this stock. We recommend a buy in this stock for an upside target of 545 keeping a stop loss of 492.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.