Nifty makes a bearish engulfing candle closing below 200DMA with again in a process of lower top formation implying strong resistance at 10300 and a new round of selling cannot be ruled out. The support for the day is seen at 10070 while the resistance would be at 10180 levels. We maintain a cautious view for the coming days.
BUY STERLITE TECH
CMP: Rs 324.95
TARGET: Rs 378
STOP LOSS: Rs 310
The stock has witnessed a slow and gradual correction from the peak of 378 to bottom out at around 307 levels and is in a consolidation phase gaining potential and strength to anticipate a rise in the coming days. The RSI has been on the rise with the MACD also showing a trend reversal signaling a buy. With the volume participation picking up, we recommend a buy in this stock for an upside target of 378 keeping a stop loss of 310.
BUY CENTURY PLY
CMP: Rs 333.80
TARGET: Rs 365
STOP LOSS: Rs 314
The stock has been in consolidation phase for quite some time but has been showing a positive bias with the RSI on the rise and anticipating a further rise in the coming days. Also the MACD is on the improvement and gaining strength. With consistent volume activity seen, we recommend a buy in this stock for an upside target of 365 keeping a stop loss of 314.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.