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Nifty makes a lower top formation in the daily chart, indicating exhaustion at higher levels. The daily and weekly trend continue to be down in Nifty. The support for the week is seen at 9,670 while resistance is seen at 9,960.
MOLD-TEK PACKAGING - BUY
CMP: Rs 293
TARGET: Rs 320
STOP LOSS: Rs 270
The stock after correcting from the levels of 314 has been in consolidation at around 272 – 278 levels for some time which is also a strong support zone and now has picked up strongly and has the potential to rally further to new heights. The RSI also has reversed its trend recently to signal a positive bias and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 320 keeping a stop loss of 270
MRPL - BUY
CMP: Rs 124.55
TARGET: Rs 148
STOP LOSS: Rs 118
The stock has been taking support regularly at the levels of 118 – 120 and this time too we anticipate the stock has bottomed out and the stock has been in a trending mode and so can surge ahead to reach around 142 – 145 levels. The RSI has made trend reversal signifying strength and potential to rise further upward. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 148 keeping a stop loss of 118.
CASTROL INDIA - BUY
CMP: Rs 387.65
TARGET: Rs 425
STOP LOSS: Rs 370
The stock has corrected well from the peak level of 452 and has bottomed out at 372 levels to pick up and bounce significantly to regain strength. We anticipate the stock to rise further upward and with RSI also regaining strength from the oversold zone with a trend reversal signifies potential to move up to scale new heights. With decent volume participation supporting our positive bias, we recommend a buy in this stock for an upside target of 425 keeping a stop loss of 370.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.