Three Midcap stock tips from SMC Global for today

Support for Nifty is seen around 7840-7810 levels and resistance is seen at 7940-7980 levels

NIFTY
Last close: 7880.70

After melting over 700 points, due to China crisis, short covering was seen in the domestic markets on Tuesday. Nifty closed with 70 points on account of major buying in Realty, Metal and Oil&Gas indices. Apart from this, bankex and Auto indices also ended positive with 2% gain each. Whereas Technology counters did not participate well in the short covering. On the technical charts, Nifty has entered into the oversold zone, so, more recovery could be seen from the current levels. For next session, support is seen around 7840-7810 levels and on the upper side, Nifty may face hurdle around 7940-7980 levels.

 

DELTA CORP (LONG)
Last close: 79.15
Target: 84-86

After hitting yearly low of 65 levels, stock showed decent recovery and breached 100EMA on daily charts. Despite the volatility in the markets, stock continued to hold the positive momentum and closed over 12% gains on Tuesday. So, follow up buying can be anticipated in coming sessions. One can buy for the upside target of 84-86 levels with SL below 77.

 
INDIABULLS HOUSING FIN (LONG)
Last close: 739.25
Target: 760-770

Short term and medium term bias remains positive for the stock. Although stock witnessed decent correction from all time high of 820 levels to 700 levels in short span of time. It found support around 700 levels which was its earlier resistance mark and gave some decent bounce from lower levels. Moreover, technical indicators like RSI and StochRSI are suggesting buying from current levels. Therefore, one can buy for the upside target of 760-770 levels with SL below 728.

 
IRB INFRA (SHORT)
Last close: 212.25
Target: 203-200

Stock was consolidating in the range of 220-260 levels from past few months and gave the breakdown of same on Tuesday and also manages to close below the same. So, more downside is expecting from current levels. Therefore, one can sell for the downside target of 203-200 levels with SL above 216.


Mudit Goyal is a technical analyst with SMC Global

Disclaimer: The above recommendations are based on technical Analysis, I don’t have any personal holding in the discussed stocks. As a stock broker, proprietary and clients may have exposure.