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Nifty after a short consolidation phase has indicated a positive trigger with the RSI showing a trend reversal and also the daily trend has turned up again after 3 days. Now, the peak of 10,550 need to be breached decisively to see a fresh move upward. However, the support for the day is seen at 33,800/10,450 while resistance is seen at 34,160/10,560.
CMP: Rs 418.85
TARGET: Rs 445
STOP LOSS: Rs 405
The stock has made a double bottom formation pattern in the daily chart at around 400 levels and now has indicated a positive candle to signify strength and potential to rise further in the coming days. The RSI has shown a trend reversal signaling a buy and with decent volume activity witnessed, we recommend a buy in this stock for an upside target of 445 keeping a stop loss of 405.
CMP: Rs 128.20
TARGET: Rs 140
STOP LOSS: Rs 123
The stock has more or less formed a higher bottom formation pattern in the daily chart and the bullish candle now formed signifies a positive bias for further gains. The stock has taken support at the significant moving average of 200 DMA which lies at around 126 levels and with the RSI looking positive with a trend reversal, we anticipate a good rally in the coming days. With active volume participation seen, we recommend a buy in this stock for an upside target of 140 keeping a stop loss of 123.
BUY L&T FINANCE
CMP: Rs 172.40
TARGET: Rs 186
STOP LOSS: Rs 165
The stock has somewhat corrected from the levels of 182.50 and now has consolidated and showing a reversal indications for future rally. The indicators are favourable with the RSI showing a trend reversal and signaling a buy. The candle pattern in the daily chart looks attractive with a higher bottom formation pattern in the making. With decent volume activity seen, we recommend a buy in this stock for an upside target of 186 keeping a stop loss of 165.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.