The daily and weekly trend in Nifty continues to be up while the monthly trend would turn up with a close above 9,950. The support for the week is seen at 10,150 while resistance is seen at 10,500. Nifty would now have near term resistance at 10,500.
The stock has made a higher bottom formation pattern in the daily chart signifying a positive bias in the upward direction and also the sentiment in the pharma sector has improved, thus supporting our view of a pullback. The RSI has also been on the rise and recently has shown a trend reversal signaling a buy. Overall the trend has been on the rise and with volume activity looking decent, we recommend a buy in this stock for an upside target of Rs 680 keeping a stop loss of Rs 600.
The stock has been in consolidation phase for quite some time at around Rs 240, and now has shown a positive candle pattern in the daily chart indicating strength and potential to gain further upside to scale around Rs 265 levels. The RSI has indicated a trend reversal signaling a buy and showing a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 265 keeping a stop loss of Rs 230.
The stock has been on an uptrend for quite some time and once again a higher bottom formation pattern can be seen and looks attractive for further more rally in the coming days. The RSI has indicated a bounce back and looks significant for an up-move from here on. With good volume activity seen in the stock, we recommend a buy in this stock for an upside target of Rs 980 keeping a stop loss of Rs 850.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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