Market has shown a robust move so far as weightage among the Nifty50 stocks continues to be tilted in the positive with 40 stocks in the positive zone while 10 in corrective in percentage of 84 and 16, respectively. Metals have got in new round of momentum. The support for the week is seen at 39,530/11,680 for the Sensex and Nifty, respectively while resistance is seen at 40,800/12,100. Bank Nifty would have a range of 29,680-30,970 - along with PSU banks, and Axis looking promising from here on. The monthly trend in Nifty has turned up implying a view of BUY on every decline.
BUY JSW STEEL
CMP: Rs 237.60
TARGET: Rs 260
STOP LOSS: Rs 222
The stock has moved up the consolidation phase giving a breakout above Rs 235 levels and also the 50-day moving average (DMA) and with a positive bias maintained, we anticipate further more upside targets to be achieved in the coming days. The indicators are favorable and with good volume participation witnessed, we recommend to buy this stock for an upside target of Rs 260, keeping a stop loss of Rs 222.
BUY HEXAWARE TECH
CMP: Rs 340.70
TARGET: Rs 375
STOP LOSS: Rs 322
The stock has taken support near Rs 324 levels which was the previous major bottom made and has indicated a decent reversal pattern with positive bias. The relative strength index (RSI) has also recovered strongly from the oversold zone and indicated a buy signal with further upside visible. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 375, keeping a stop loss of Rs 322.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.