Nifty has closed below the 10,800 level breaking all significant moving averages indicating a downslide as Bank Nifty too has closed below 27,000 decisively, breaking 50-day moving average (DMA). The support for the day is seen at 35,730/10,710, while resistance is seen at 36,320/10,850 levels. Bank Nifty would have a range of 26,560-27,180. Mid Cap sector, too, was in the red; so for now IT sector still sustains in green. Moreover, Reliance Industries (RIL), etc have stepped down from their highs. View is now corrective.
CMP: Rs 367.90
TARGET: Rs 400
STOP LOSS: Rs 350
The stock has been in consolidation for quite some time and currently has produced a positive bullish candle pattern to give a breakout above the level of Rs 365 to signify strength and has potential to rise further, maintaining a positive bias in the coming days. The relative strength index (RSI) has been on the rise and with favourable indicators supporting and good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 400 keeping a stop loss of Rs 350.
CMP: Rs 268.50
STOP LOSS: Rs 250
The stock recently witnessed a correction from the levels of Rs 300 to bottom out at around Rs 248 and has currently produced a bullish candle pattern on the daily chart to signify strength with the RSI hitting the oversold zone and indicating a trend reversal to signal a buy. With good volume participation witnessed in recent times, we recommend a buy in this stock for an upside target of Rs 300, keeping a stop loss of Rs 250.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.