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Nifty outlook and technical calls by Vinay Rajani Technical Analyst, HDFC Securities:
Nifty View
Nifty managed to hold above the previous week’s low of 10866 and recovered nicely, to close at 11067. Bank Nifty also recovered sharply on the back of short covering. Due to the oversold condition of many of the beaten-down stocks in large cap segment, the market witnessed a pullback rally. On the upside, Nifty has got resistance at 11170-11200. It would be advisable to hold Nifty longs with 10866 stop loss.
Buy BIOCON
CMP: Rs 701.55
Target: Rs. 740
Stop-loss: Rs 675
The stock price has registered a new all-time high with significant volumes. The
