Nifty has bounced back from the low of 10,420 making a higher bottom formation pattern in the daily chart but needs to confirm the continuation of the rally only after it breach the levels of 10,650 decisively. Similarly, BankNifty has outperformed the Nifty index with the weekly trend still intact, we may see still some upside in the coming days. The support for the week is seen at 10,425 levels while the resistance would be at 10,800 levels.
BUY YES BANK
CMP: Rs 339.40
TARGET: Rs 370
STOP LOSS: Rs 325
The stock has given a short correction from the peak of 369 to bottom out at around 325 levels and taking support at the significant 200 DMA levels it has made the chart look attractive to anticipate a bounce from here on. With the positive bullish candle pattern formed in the daily chart and also with the RSI indicator showing a trend reversal to signal a buy, the stock is poised for further rise from here on and the risk reward ratio has become favourable. We recommend a buy in this stock for an upside target of 370 keeping a stop loss of 325.
BUY APOLLO TYRE
CMP: Rs 279.50
TARGET: Rs 300
STOP LOSS: Rs 269
The stock has been consolidating at around 274 levels and currently has produced a positive bullish candle pattern in the daily chart to signify strength and potential to rise further in the coming days. The stock has maintained above the 200 DMA moving average and has indicated a positive bias and with the RSI showing a trend reversal has indicated a buy signal. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 300 keeping the stop loss of 269.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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