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With yet again a range bound movement in NIFTY, it is still a stock specific market, whereby selective stocks move in rotation each day. The support for the day is seen at 9880 while resistance is seen at 9975.
SOBHA – BUY
CMP: Rs 409.50
TARGET: Rs 450
STOP LOSS: Rs 385
The stock has recovered from the steep correction to touch the low of 345 and has made a strong pull back recovery to consolidate at around 390-394 levels gaining strength and potential to rise further till 450 levels. The RSI has been on the rise and so is the MACD which also support our positive bias in the stock. We recommend the stock for an upside target of 450 keeping a stop loss of 385.
V-GUARD - BUY
CMP: Rs 200.70
TARGET: Rs 222
STOP LOSS: Rs 188
The stock has been performing well from the lows of 165 which was recently made and has strongly bounced back to show strength and potential to further rally in the coming days. The RSI has been on the rise and has indicated a trend reversal recently showing positive bias in the stock. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 222 keeping a stop loss of 188.
SYNGENE - BUY
CMP: Rs 473.20
TARGET: Rs 520
STOP LOSS: Rs 445
The stock has made a correction to take support at 441 levels where it has made multiple bottom earlier too at this level. The stock has made a recovery and with the RSI also on the rise, we anticipate further bounce from here on to scale levels of near 510. With good volume participation supporting our positive bias, we recommend a buy in this stock for an upside target of 520 keeping a stop loss of 445.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.