Nifty and Bank Nifty have their trend of all periodicity up with Nifty sustaining well above the 200-day moving average (DMA), however, it needs to cross the hurdle of 10,950 levels to surge higher. Support for the day is seen at 35,875/10,810 while resistance is seen at 36,260/10,925. Bank Nifty would have a range of 26,950-27,370 levels. Metal sector has got in to momentum along with pharma, however, we still need to watch for a few more days for confirmation and consistency.
CMP: Rs 629
TARGET: Rs 680
STOP LOSS:Rs 595
The stock has been consolidating around the range of Rs 600 and Rs 630 levels for quite some time and now it has given a breakout with decent volume. The relative strength index (RSI) indicator also has signaled a Buy by reversing its trend in the positive direction. We recommend a positional buy in this stock keeping a stop loss of Rs 595 for an upside target of Rs 680.
TARGET: Rs 1,330
STOP LOSS: Rs 1,200
The stock has been consolidating for the past 7-8 days and has got a good support at around Rs 1,220 levels which is also where the 200-DMA lies. Now it has given a positive bullish candle and looks promising to give an upward move. The RSI indicator has recently given a trend reversal signaling a buy and with decent volume participation, we recommend a buy in this stock for an upside target of Rs 1,330 keeping a stop loss of Rs 1,200.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.