Market ahead of expiry gets volatile with Nifty below 11,700, now having a near term support at 11,600 levels. Bank Nifty though not correcting yet not participating to propel an up move. The support for the day is seen at 38,470/11,620 while resistance is seen at 38,940/11,750. Bank Nifty has a range of 27,970-28,450. Bank Nifty though range bound, we have a positive view with 27,900 as near term support for higher targets of 28,500 and above. Metal sector as recommended earlier would continue to do well, Tata Steel, Nalco, hind zinc look promising from here on. PSU Banks are back in action.
CMP: Rs 312.80
TARGET: Rs 345
STOP LOSS: Rs 298
The stock has given a decent rally from the levels of 260 and recently has been consolidating around 310 levels for some time gathering strength and has potential to give a further rally from here on. The chart looks attractive and with the indicators looking promising a positive bias has been maintained and we anticipate the stock to continue with the positive uptrend. With good decent consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 345 keeping a stop loss of 298.
CMP: Rs 1,348.95
TARGET: Rs 1,510
STOP LOSS: Rs 1,285
The stock has made a higher bottom formation pattern in the daily chart and has indicated a positive bias with the RSI showing a trend reversal with a rising trend. Also the stock has moved above the significant 50 DMA moving average to signal a buy and with the chart looking attractive and with good volume activity visible, we recommend a buy in this stock for an upside target of 1510 keeping a stop loss of 1285.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above