The Nifty has corrected nearly by 4 per cent from its peak of 10930. The near-term support now occurs at 10440-10500 levels, which would be a retracement of around 50 per cent. A bounce from this level is very likely, failing which we can see a further slide up to 10330, which also coincides with 200DMA. The support for the day is seen at 10450 while resistance is seen at 10570.
BUY MUTHOOT CAPITAL
CMP : 972.05
TARGET : 1050
STOP LOSS : 940
The stock has been in a consolidation phase at around 960 levels for quite some time and currently it has produced a positive bullish candle to give a breakout and it has signified a positive bias with strength and potential to carry on the momentum still further upward to scale till 1050 levels. The stock has maintained above the significant 34 WMA moving average and with the chart looking attractive, we recommend a buy in this stock for an upside target of 1050 keeping a stop loss of 940.
CMP : 325.65
TARGET : 360
STOP LOSS : 312
The stock has been consolidating for quite some time between the range of 345 and 320 maintaining a good support at 320 levels and would give a breakout above the 200 DMA level of 333 in the coming days. The chart looks attractive for investment point of view and can expect a decent return with good risk-reward ratio. With indicators supporting our view with a positive bias, we recommend a buy in this stock for an upside target of 360 keeping a stop loss of 312.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.