Post the daily trend reversal of Nifty and BankNifty on Friday, it witnessed further profit booking to close in the red and, as of now, the level of 11,250 would act as the major support for Nifty while around 28,800 would be the important support zone for BankNifty. However, the support for the day is seen at 37,520/11,280 while resistance is seen at 38,080/11,420. Bank Nifty would have a range of 28,980-29,560. We maintain a cautious view with only select buying.
CMP: Rs 972.60
TARGET: Rs 1,060
The stock has taken support at the significant 200 DMA moving average which was at around 860 levels and thereby has given a decent rise to signify strength and currently has potential to rise still further in the coming days. The RSI has been on the rise and with favourable indicators supporting, a positive bias is maintained and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,060 keeping a stop loss of Rs 930.
CMP: Rs 383.70
TARGET: Rs 420
STOP LOSS: Rs 365
The stock has made a higher bottom formation pattern in the daily chart and looks attractive for an upside movement in the coming days. The stock has maintained above the 34WMA moving average and has got strength and potential to rise further. With good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 420 keeping a stop loss of Rs 365.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.