Nifty on daily chart forms a bearish engulfing candle and also a trend line break brings in resistance at 11,750 levels for now, also RSI being at 60 still brings in hope for a bounce. Else market would witness a further corrective move to the level of 11,500-11,400 levels. The support for the day is seen at 38,080/11,520 while resistance at 38,530/11,640. Bank Nifty would have a range of 27,580-28,040. Most of the sectors have shown a good run up, so now some profit booking cannot be ruled out.
The stock has made a double bottom formation pattern in the daily chart at 250 levels and currently, a revival indication is witnessed and we anticipate a further rally from here on to scale till 285 -290 levels in the coming days. The RSI also has indicated a trend reversal from the oversold zone and has signaled a buy. With the chart looking attractive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 290 keeping a stop loss of 243.
The stock has been in consolidation for quite some time at around 140 levels with a good support at around 135- 140 levels and currently has indicated a bounce to signify strength and potential to carry on the momentum still further and more upward movement can be anticipated in the coming days. Also, the RSI has signaled a buy and has maintained a positive bias and with good volume activity witnessed, we recommend a buy in this stock for an upside target of 162 keeping a stop loss of 134.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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