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Nifty technically continues to make lower top on daily chart, however after making a low at 9,700 levels the RSI is showing signs of bounce back, now having the near term resistance level of 9,950. However, the support for the day is seen at 9,840 while resistance is seen at 9,930.
INDIA CEMENTS - BUY
CMP: Rs 173.90
TARGET: Rs 192
STOP LOSS: Rs 165
The stock has made a double bottom like pattern in the daily chart taking support at the 200 DMA which is at 169 level. The stock looks attractive with the RSI indicator also showing a trend reversal signaling a buy, thus indicating a positive bias in the stock. We recommend to buy this stock for an upside target of 192 levels keeping a stop loss of 165.
SPECIALITY RESTAURANTS - BUY
CMP: Rs 121.55
TARGET: Rs 135
STOP LOSS: Rs 113
The stock has been in a consolidation phase for some time at around 117 levels and now it has produced a bullish candle pattern in the daily chart to indicate strength and potential for further rally. The RSI has indicated a trend reversal with positive bias and potential for further upward move in the coming days. We recommend a buy in the stock for an upside target of 135 keeping a stop loss of 113
HINDUSTAN OIL EXPLORATION - BUY
CMP: Rs 82.40
TARGET: Rs 89
STOP LOSS: Rs 80
The stock has given a breakout above the 81 level which was the recent peak and also the recent candle pattern indicates strength and potential for further upward movement with a positive bias. The RSI and also the MACD is on the rise and we anticipate the stock to perform in coming days. We recommend the buy for a buy with an upside target of 89 keeping a stop loss of 80.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.