The market has been in range bound move with Nifty having 10787 as a fulcrum point deciding the fate of its direction as this would decide its daily as well as weekly trend. Bank Nifty has got its daily trend down while weekly is up since 11 weeks. The support for the week is seen at 35330/10580 while resistance is seen at 36550/10960. Bank Nifty would have its range of 26750-28000 with Axis on positive while Indus ind & Yes bank on corrective. ITC continues to be a good bet.
CMP: Rs 642.50
TARGET: Rs 700
STOP LOSS: Rs 615
The stock has maintained a good strong base near the 600 levels and has bounced back on several occasions. We anticipate a good rise from here on with strength and has the potential to scale further upward targets. The indicators are favourable and with the RSI also indicating a trend reversal to signal a buy accompanied by good volume participation, we recommend a buy in this stock for an upside target of 700 keeping a stop loss of 615.
BUY TECH MAH
CMP: Rs 699.20
TARGET: Rs 775
STOP LOSS: Rs 675
The stock has maintained strong support near the 680 level which is also near the significant 200 DMA moving average and has indicated a positive bullish candle pattern in the daily chart to signify strength and has potential to rise further in the coming days. The chart looks attractive and is poised for an upward move with favourable indicators and also with the RSI turning positive combined with good volume activity seen, we recommend a buy in this stock for an upside target of 775 keeping a stop loss of 675.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above