Nifty has been finding resistance near the 11,730 levels since the past two days while Bank Nifty has been in consolidation for 3-4 days failing to cross the 30,500 levels decisively. The indices hovering around their peak levels are vulnerable to profit-booking; however, the support for the day would be seen at 38,750/11,650 levels for Sensex and Nifty, respectively, while the resistance would be at 39,340/11,770 levels. Bank Nifty would have a range of 30,000-30,660.
CMP: Rs 2,079.30
TARGET: Rs 2,250
STOP LOSS: Rs 2,000
The stock has indicated a clear breakout above the trendline resistance of Rs 2,040 levels and is heading for next target of Rs 2,100, which when decisively breached would have further targets of Rs 2,200 – Rs 2,250. The RSI is on the rise and the stock has maintained a very positive bias with all the indicators supporting. With good decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 2,250 keeping a stop loss of Rs 2,000.
BUY TATA ELXSI
CMP: Rs 980.05
TARGET: Rs 1,080
STOP LOSS: Rs 950
The stock has formed a more or less higher bottom formation pattern on the daily chart and the positive candle has made the stock look attractive. It has maintained a positive bias for further upside rise in the coming days. The RSI has indicated a trend reversal to signal a buy and with good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 1,080 keeping a stop loss of Rs 950.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.