Nifty is trading in a narrow range of 11,620 to 11,844 for the last six sessions. After gaining 78 points in Tuesday’s trade, the index has reached near the higher band of the range. Any level above 11,844 would result in to a breakout, which could push Nifty towards 12,000. The level of 11,620 would continue to remain support for the Nifty.
BUY INDIAN HOTELS (Rs 159)
Target: Rs 170
Stop loss: Rs 154
The stock is on the verge of registering new all-time high above Rs 160. The level above Rs 160 would also result in to a multiple top breakout on the charts. Moving average and Oscillator setup is bullish on the short and medium term charts.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 170, keeping a stop loss at Rs 154 on closing basis.
BUY CESC (Rs 788):
Target: Rs 830
Stop loss: Rs 760
The stock has given breakout from the “flag” pattern on the daily charts. It has remained resilient in the recent past. The scrip is trading above all important moving averages.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 830, keeping a stop loss at Rs 760 on closing basis.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.