Nifty & Bank Nifty has got their daily trend turned down bringing in some corrective move. The volatility index too is on rise which would only bring in more choppiness. Pharma sector to an extent has been supporting the market while other sectors continue to be sluggish. The support for the day is seen at 35570/10680 while resistance is seen at 36130/10800. Bank Nifty would have a range of 26940-27520. The market would continue to witness stock specific move.
BUY YES BANK
CMP: Rs 195.35
TARGET: Rs 225
STOP LOSS: Rs 178
The stock has been consolidating for quite some time at around 180 levels gathering strength and has the potential to rise further in the coming days with same momentum. The RSI has indicated a trend reversal to signal a buy with a positive bias. The chart looks attractive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 225 keeping a stop loss of 178.
BUY CASTROL IND
CMP: Rs 158.50
TARGET: Rs 176
STOP LOSS: Rs 149
The stock has produced a big bullish candle pattern in the daily chart to signify strength and a breakout above the previous peak of around 156 levels. The bias has been maintained positive and we anticipate a similar momentum to continue in the coming days and with tremendous volume participation witnessed, we recommend a buy in this stock for an upside target of 176 keeping a stop loss of 149.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.