Nifty index opened positive but failed to hold its gain and corrected towards 9,900 zone. It closed positive for third consecutive session and has been making higher highs – higher lows on the daily chart. Recently index rallied from 9,685 to 9,947 and formed a Spinning Top candle on the Daily scale which indicates that bears again started to fight to restrict it positive momentum. Now if Nifty index sustains below 9,880, then some profit booking could drag it towards 9,820 to 9,775 zones, while a hold above 9,928-9,950 could drive the fresh up move towards 10,000-10,050 zones.
INDIABULLS HOUSING FINANCE
Last Close: Rs 1200
Stop Loss: Rs 1190
Target: Rs 1280
Price is in a very strong up trend on the weekly scale. The daily chart is showing a breakout from a flag pattern. Housing finance companies are on a roll and Ibullhsgfin can be a major gainer on a break above 1220 for a possible rally to 1280. Buy on a hold above 1220 for a rally towards 1280.
Last Close: Rs 176
Stop Loss: Rs 171
Target: Rs 186
It has given a consolidation breakout on the daily chart and the entire power sector is getting attraction from last couple of sessions. It has managed to hold immediate support of 170 and given a recent highest daily close.
Last Close: Rs 493
Stop Loss: Rs 480
Target: Rs 520
It has taken support after the recent profit-booking decline of last one week. Major trend of the stock is positive and recent price structure provides fresh buying interest.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.