Nifty manages to hold its level, while individual stocks continue to get beaten with no respite. Auto, Metals, NBFCs and few banks have gotten into nosedive fall, along with Auto and selling across the board. The support for the day is seen at 38,820/11,620 while resistance is seen at 39,400/11,750. Bank Nifty would have a range of 30,050-30,680. Yes Bank and Indusind Bnk continue to show weakness with BankNifty having its daily trend down since 11 days.
CMP : Rs 609.60
TARGET : Rs 646
STOP LOSS : Rs 590
The stock has been in an upward trend forming series of higher bottom formation pattern in the daily chart to signify strength and currently has taken support at 592 levels and bouncing back for further upside movement. The RSI also has indicated a reversal to improve the bias and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 646 keeping a stop loss of Rs 590.
CMP : Rs 250.985
TARGET : Rs 272
STOP LOSS : Rs 238
The stock has witnessed a great erosion in recent times and currently has produced a big positive candle to imply a strong reversal with strength and has potential to rise further in the coming days. The RSI has indicated a trend reversal from the highly oversold zone and signaled a buy. With good volume activity seen, we recommend a buy in this stock for an upside target of Rs 272 keeping a stop loss of Rs 238.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.