The downslide continues with also the weekly trend being down since 6 weeks in Nifty & Bank Nifty since 7 weeks. Still indicators also show more scope of downside though in between bounce cannot be ruled out. The support for the week is seen at 33350/10000 while resistance is seen at 35100/10550. Bank Nifty would have a range of 24150-25860. Among the Nifty 50 stocks over 90% weightage is on corrective which confirms the weakness.
The stock has taken support near the significant 200DMA moving average which lies near 1515 levels and has witnessed a bounce back to indicate strength and the revival is anticipated to continue still further upside. The chart looks attractive and with the indicators looking favourable and with good consistent volume activity witnessed, we recommend a buy in this stock for an upside target of 1720 keeping a stop loss of 1480.
The stock has bottomed out at around 1080 levels after the decent correction and has bounced back currently to just move past the significant 200 DMA moving averages indicating a positive bias and has strength and potential to carry on the momentum still further upside. The RSI has recently indicated a trend reversal and has signalled a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 1430 keeping a stop loss of 1150.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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