The weekly trend of BankNifty has turned down after 12 weeks closing below the recent support base of 27150 levels. With the weekly trend of Nifty also down, the sentiment and bias would not be appealing and we maintain a cautious view for the coming days. However, the support for the week is seen at 35380/10570 while resistance is seen at 36530/10940. Bank Nifty would have a range of 26460-27650.
BUY IRB INFRA
CMP: Rs 148.95
TARGET: Rs 166
STOP LOSS: Rs 140
The stock has gradually slipped down and corrected to 142 levels from the peak of 169.50 and has indicated a bullish positive candle to make the chart look attractive. The RSI has indicated a trend reversal and has signaled a buy to maintain the bias positive. With rising volume activity witnessed, we recommend a buy in this stock for an upside target of 166 keeping a stop loss of 140.
BUY JUBILANT FOODS
CMP: Rs 1,197.85
TARGET: Rs 1,330
STOP LOSS: Rs 1,150
The stock after the short erosion has taken support near 1160 levels where it has maintained a good base on previous occasions too, and has indicated a bounce with a positive bias. The RSI has shown a trend reversal to signify strength and has the potential to rise further maintaining the same momentum in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 1330 keeping a stop loss of 1150.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above