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Nifty index opened positive and continued its up move for fourth consecutive session. It has been making higher lows from last four trading sessions and now till it holds above 9880 zones, bounce back move could continue. It formed a Northern Doji candle followed by a gap up opening. Now it has to cross and hold above immediate hurdle of 9,928-9,950 zones to witness an up move towards 10,020 and 10,050 while a hold below 9,880 could drag it towards 9,820 then 9,775.
MARUTI SUZUKI - BUY
Last Close: Rs 7,579
Stop Loss: Rs 7,475
Target: Rs 7,850
It has made an intermediate term double bottom at the support of 7400 levels with the follow up buying interest. On Thursday price closed above the falling trend line and giving a confirmed sign of reversal in the stock. The decline from the high at 7920 is now ending and a new leg of uptrend seems to be resuming. With auto index showing signs of reversal and Maruti being the best bet in the sector makes this stock a compelling buy.
YES BANK - BUY
Last Close: Rs 1,753
Stop Loss: Rs 1,715
Target: Rs 1,820
It has surpassed its falling supply trend line and negated its formation of lower highs – lower lows on weekly chart after the profit booking decline of last four weeks.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.