The market is witnessing selling pressure at higher levels with Nifty finding it hard to sustain above 10850 levels also with the trend of all periodicity continuing to be down. Most sectors as mentioned earlier continue to show weakness, Bank Nifty still outperforms Nifty. The support for the day is seen at 35650/10725 while resistance is seen at 36040/10830. Bank Nifty would have a range of 27100-27500.
CMP: Rs 735.55
TARGET: Rs 810
STOP LOSS: Rs 700
The stock has made a correction from the recent peak of 806 to fall till 683 levels and now has bottomed out at around 700 levels. The stock has given a positive candle indicating positive bias and also the RSI has given a positive trend reversal signaling a buy with good decent volume participation. We recommend a buy in this stock for an upside target of 810 keeping a stop loss of 700
BUY BF UTILITIES
CMP: Rs 232.75
TARGET: Rs 260
STOP LOSS: Rs 220
The stock has been consolidating at around 200 levels for some time maintaining a strong base and now it has moved to make a bullish candle pattern to come out of the consolidation phase. The RSI indicator has reversed its trend to turn positive and signaling a buy. Along with good volume participation, we recommend a buy in this stock for an upside target of 260 keeping a stop loss of 220.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.