Nifty after correcting from 11,750 to 11,394, has taken the support of 11400 levels, from where a bounce can be expected up to 11,550. The support for the day is seen at 37,760/11,400 while resistance is seen at 38,250/11,540. Bank Nifty, too, has corrected by 1,250 points with banks like IndusInd & Yes Bank, for now, have taken the support of 200 DMA. Bank Nifty would have a range of 27,120-27,630. The rupee too has approached its resistance of 72 from where some recovery can be anticipated.
BUY INDUSIND BANK
CMP: Rs 1,854.85
TARGET: Rs 1,970
STOP LOSS: Rs 1,800
The stock has witnessed a decent correction from the peak of 2038 to show signs of bottoming out at around 1825 levels which is also very near to the significant 200 DMA moving average and we anticipate a bounce from here on. The RSI has also hit the oversold zone and is poised for an upward move and with the chart looking attractive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 1970 keeping a stop loss of 1800.
BUY GLENMARK PHARMA
CMP: Rs 673.75
TARGET: Rs 740
STOP LOSS: Rs 638
The stock has been in the rising trend with strong positive bias and after a consolidation phase for quite some time at around 650 – 665 levels, it has indicated a positive bullish candle pattern in the daily chart to signify strength and can move still further upward in the coming days. With the RSI maintaining a strong pattern and with decent volume activity witnessed, we recommend a buy in this stock for an upside target of 740 keeping a stop loss of 638.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.