Nifty fails to sustain above 10830 levels, witnessing profit booking at higher levels, the near term support lies at 10700-10680, a decisive break of which could set in further panic. The support for the day is seen at 35270/10700 while resistance is seen at 35650/10810. A narrow range and consolidation is the view unless a decisive breach on either side occurs. Cement stocks are well corrected & look favorable for accumulation.
The stock has been consolidating near the 1600 levels and has been maintaining a good support at the significant 34 WMA moving average and currently has indicated a positive bias with the RSI also showing a trend reversal to signal a buy. The stock has been in a good trending mode and we anticipate a further rise from here on to scale till 1720 levels in the coming days. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 1720 keeping a stop loss of 1575.
The stock has been in consolidation for quite some time at around 1060 levels and currently has indicated a positive candle pattern to signify strength and potential to rise further and has maintained a positive bias to support our view. The RSI has shown improvement and shown a trend reversal to signal a buy. With the chart looking attractive for an up move, we recommend a buy in this stock for an upside target of 1,180 keeping a stop loss of 1,025.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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