Nifty has been consolidating near 11,500 levels to maintain the bias and as of now only a breach above 11,700 levels would bring about further fresh upward movement whereas on the downside the level of around 11,350 would prove to be a crucial support zone which, if broken, can witness some further more downside slide. However, the support for the week is seen at 38,230/11,320 for Sensex and Nifty, respectively, while resistance is seen at 39,400/11,700. Bank Nifty would have a range of 29,260-30,470 levels.
CMP: Rs 391.05
TARGET: Rs 425
STOP LOSS: Rs 375
The stock has taken support near the lower trend line of the channel pattern and has indicated a positive bias with a bounce back to signify strength and has potential to rise further in the coming days. The relative strength index (RSI) also has shown a trend reversal to signal a buy and with good volume participation, we suggest buying this stock for an upside target of Rs 425, keeping a stop loss of Rs 375.
BUY MAX FINANCIAL
CMP: Rs 430.85
TARGET: Rs 470
STOP LOSS: Rs 405
The stock has maintained a good support base near Rs 400 - Rs 405 levels and has indicated a decent run up with a positive candle pattern to imply further still more upward movement and along the with the RSI on the rise, the bias has been maintained positive. We suggest to buy this stock for an upside target of Rs 470, keeping the stop loss around Rs 405 levels.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.