After Nifty saw a support at 10141 levels, a pullback recovery took it near to the level of 10300 which was short-lived with bears again taking charge of the bulls. As said earlier, the level of 10140 would be crucial which if broken can see fresh downfall upto 10000 mark and thereafter 9800-9700 levels. However, the support for the week is seen at 9980 while the resistance is seen at 10450.
BUY L&T FINANCE HOLDINGS CMP : 160 TARGET : 178 STOP LOSS : 153
The stock has taken support at 155 on twice occasions thus making a double bottom formation like pattern in the daily chart and with the promising cues from the indicators, we anticipate a upward rise from here on to scale till 175-180 levels in the coming days. The RSI has indicated a trend reversal signaling a buy and with the MACD also in the positive mode, the chart looks attractive and promising. With good volume activity seen, we recommend a buy in this stock for an upside target of 178 keeping a stop loss of 153.
BUY MAH & MAH CMP : 728.50 TARGET : 780 STOP LOSS : 710
The stock has made a double bottom formation at the 200 DMA level which was at around 700 levels and has indicated a good recovery to signify strength and the positive candle pattern indicates a positive bias for further rise in the coming days. The RSI has indicated a trend reversal to signal a buy and also the MACD has shown a positive indication and we anticipate the stock can scale further upside once it gave a breakout above the 50 DMA which is at 748 levels. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 780 keeping a stop loss of 710.
BUY BASF CMP : 2060.50 TARGET : 2300 STOP LOSS : 1950
The stock has been in consolidation period for quite a while gaining strength and has been maintaining a strong support near 1970 levels. The stock has got potential to scale till 2300 levels in the coming days and with a positive bias the chart looks attractive for an up move. The RSI is in a positive trend whereas the MACD also has indicated a trend reversal to signal a buy. We recommend a buy in this stock for an upside target of 2300 keeping a stop loss of 1950.
Note: All stock prices are in Rs
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.