 "(Photo: Kamlesh Pednekar)")
MARKET VIEW
Market has been consolidating at these levels with selective stocks moving in rotation bringing in narrow trading opportunities. Support for the day is seen at 39,475/11,850 for Sensex and Nifty, respectively while resistance is seen at 40,000/12,000. Nifty now with decisive break of 11,850 can bring in further correction to 11,750 which still would not be damage to the trend. Bank Nifty would have a range of 31,300-31,950. Midcap sector continues to show strength.
BUY HDFC LIFE
CMP: Rs 424. 95
TARGET: Rs 460
STOP LOSS: Rs 400
The stock has made a decent correction from Rs 418 to Rs 390 levels and has made a trend reversal with a healthy green candle pattern. It has given a close above the cluster of moving averages which is significant. The relative strength index (RSI) indicator has also confirmed the buy signal with a trend reversal and we anticipate this stock to rally up to Rs 460 levels. We recommend a buy in this stock keeping a stop loss of Rs 400.
