Nifty made a fresh intraday low of 10138 and the sentiment has still further weakened with the close below 10250 levels and we still maintain a cautious view in terms of fresh buying. As of now we consider the level of 9950 as the major support zone for Nifty and 24000 levels for BankNifty. The support for the day is seen at 33740/10160 while resistance is seen at 34260/10300 levels. Bank Nifty would have a range of 24500-25050
BUY ADANI ENT
CMP: Rs 138.20
TARGET: Rs 165
STOP LOSS: Rs 126
The stock has more or less formed a higher bottom formation pattern in the daily chart taking support at around 125 levels and currently has indicated a bounce back with a positive bias showing strength and has potential to rise further in the coming days. It is almost on the verge of moving past the significant 50DMA moving average and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of 165 keeping a stop loss of 126.
CMP: Rs 152.95
TARGET: Rs 170
STOP LOSS: Rs 142
The stock has witnessed a huge erosion from the peak of 183 levels to indicate signs of bottoming out at around 145 levels and give a pullback to form a positive bullish candle pattern in the daily chart. The RSI has hit the oversold zone and has shown a trend reversal to signal a buy. With the chart looking attractive and good volume participation in recent days, we recommend a buy in this stock for an upside target of 170 keeping the stop loss of 142.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.