Nifty and Bank Nifty gets its weekly trend down, so for now this would be considered a bounce back rally. The support for the week is seen at 37,400/11,300 while resistance is seen at 38,620/11,680. Bank Nifty would have a range of 26,480-27,700. Nifty still has a lower top formation unless it crosses 11,580 decisively, further up move can be expected. Cement stocks have shown some momentum. NBFC too after correcting has given a bounce.
The stock has made a higher bottom formation like pattern in the daily chart and looks very attractive with a decent bounce back to signify strength and potential to rise still further upward in the coming days. The RSI has also hit the oversold zone and has shown a trend reversal to maintain a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 1440 keeping a stop loss of 1280.
The stock has indicated a higher bottom formation pattern in the daily chart taking support at the 50DMA moving average which lies near 575 levels and has given a decent bounce back to indicate a breakout above the significant 200DMA moving averge to signify strength and potential to carry on the momentum still further upward. The RSI also shown a steep rise with a trend reversal and has signaled a buy with a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 675 keeping a stop loss of 575.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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