Nifty has resisted around the 10,780 levels and once again was not able to breach the upper band of around 10,820 levels. The momentum witnessed a day before fizzled out and the bias and sentiment turned once again cautious. However, the support for the day is seen at 10,680 while resistance is seen at 10,810. Auto sector continue to show momentum while Cement stocks also has indicated a positive revival.
CMP: Rs 272.50
TARGET: Rs 290
STOP LOSS: Rs 258
The stock has witnessed a correction from the peak of 288 to indicate signs of bottoming out at around levels and has showed a positive candle pattern in the daily chart to signify strength and potential to rise further in the coming days. The chart looks attractive and with the RSI also indicating a trend reversal has signaled a buy and has maintained a positive bias in the stock. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 290 keeping a stop loss of 258.
CMP: Rs 1,132.55
TARGET: Rs 1,220
STOP LOSS: Rs 1,070
The stock has corrected well from the level of 1244 to bottom out at around 1080 levels and has maintained a good support on previous occasion also and has indicated a bounce back with a positive candle pattern in the daily chart to signify strength and potential to give a upward movement in the coming days. The RSI has been on the rise and has shown a trend reversal to improve the bias and with decent volume participation seen, we recommend a buy in this stock for an upside target of 1,220 keeping a stop loss of 1,070.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.