Nifty has a strong hurdle at 10950 to be crossed decisively for higher targets. The selective stock movement continues to be the way of the market movement. The support for the day is seen at 36150/10880 while resistance is seen at 36700/11020. Bank Nifty would have a range of 26980-27550. Auto stocks like Bajaj Auto, M&M, Hero, etc look positive along with NBFC s FMCG may witness some profit booking
BUY RASHTRIYA CHEMICALS & FERTILIZERS
CMP: Rs 67.05
TARGET: Rs 74
STOP LOSS: Rs 63.50
The stock has given a breakout above the previous resistance level of 64 with a high positive bullish candle pattern in the daily chart to signify strength and has potential to carry on the momentum still further upside in the coming days. The trend has improved with the bias positive and with the RSI on the rise and other favourable indicators supporting, we recommend a buy in this stock for an upside target of 74 keeping a stop loss of 63.50.
BUY TATA SPONGE
CMP: Rs 811.85
TARGET: Rs 895
STOP LOSS: Rs760
The stock has witnessed a gradual correction in the recent past and now currently has made a bottom at around 730 levels and indicated a bounce back. The stock has moved past the significant 50DMA moving average to improve the bias and the RSI also has indicated a steep rise from the oversold zone. With rising volume participation witnessed in the recent days, we recommend a buy in this stock for an upside target of 895 keeping stop loss of 760.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.