Nifty has broken a crucial support of 10585 which would imply a further downside to 10400 levels; also Nifty closing below 50DMA confirms the weakness. The support for the day is seen at 34670/10420 while resistance is seen at 35220/10550. Bank Nifty would have a range of 25800-26380. Once again it becomes a sell on rising with the level of 10750 as resistance. IT sector along with other sectors continue to show weakness.
The stock has been consolidating for quite some time at around 145 – 150 levels and currently has indicated a positive candle pattern in the daily chart to signify strength and has potential to rise in the coming days. The bias has turned positive and with the RSI indicating a trend reversal to signal a buy, there is still more upside to anticipate a rally. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 160 keeping a stop loss of 144.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
 "Markets, Up, Down, BSE, NSE, Stocks")