NIFTY VIEW: Post the RBI policy announcement, Nifty has surged past the 10300 barrier mark with a positive sentiment outlook. As of now we anticipate a gradual further upward movement till 10450 levels with the major support now elevated to 10150 levels. However, the support for the day is seen at 10260 while the resistance would be at 10380 levels.
CMP: Rs 227.25
TARGET: Rs 255
STOP LOSS: Rs 205
The stock has witnessed a gradual correction from the peak of 324 forming a series of lower tops and lower bottoms during the slide and currently it has bottomed out at around 186 level and indicating a revival to move past the significant 34 WMA moving average. Also it is on the verge of a breakout above the 200 DMA and can signify strength and potential to rise further in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 255 keeping a stop loss of 205.
BUY PRAKASH INDS
CMP: Rs 196.45
TARGET: Rs 228
STOP LOSS: Rs 180
The stock has corrected from the levels of 276 and has witnessed a lower top and lower bottom formation in the daily chart and has indicated bottoming out formation at around 166 levels. The stock is poised for an upmove from here on with the indicators favourable like the RSI has indicated a trend reversal to signal a buy and also the price has moved past the 34WMA moving average to improve the sentiment. With the volume participation improving, we recommend a buy in this stock for an upside target of 228 keeping a stop loss of 180.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.