Business Standard
Web Exclusive

Nifty outlook & stock picks by Gaurav Garg: Buy Quess Corp, Coromandel Intl

Quess Corp's stock is forming bullish flag pattern on daily charts

Topics
Markets | Market technicals | Nifty Outlook

Gaurav Garg  |  Mumbai 

Buy, Sell, markets, stocks, shares, investments, mutual funds, investors

Nifty outlook

Market traded lower amidst profit booking on Friday as global sentiments were subdued along with spike in Covid-19 cases domestically, which pushed index lower. Nifty closed at 14,631.10, slashing 263.80 points. Banks, financial and FMCG stocks traded with negative sentiments whereas Pharma sector closed in the green. Nifty bank closed at 32,781.80, losing 932.70 points from the previous day’s closing.

As per weekly option data, significant call writing on higher strikes ranging from 14,700 to 15,000 is witnessed, which shows Nifty might take resistance in the zone of 14,800 as maximum call OI placed here after 15,000. We can witness profit booking only if Nifty breaks level of 14,500. Therefore, traders should try to create short position keeping close eye on 14,800.

We can see a big momentum in following stocks:

Buy Limited (Above Rs 634)

Target: Rs 680

Stop loss: Rs 605

The stock is forming bullish flag pattern on daily charts, breaking its resistance might push stock to its next resistance, placed at 634. It is consolidating at daily trendline breakout and is also sustaining above its important moving averages. We recommend buying the stock above 634 for the target of Rs 680, keeping a stop loss at Rs 605 on a closing basis.

Buy Limited (Above Rs 745)

Target: Rs 788

Stop loss: Rs 715

The stock is showing signs of reversal from its important support zone, placed at 745. It might show further strength if it moves above 745. The stock is also sustaining above its important moving averages. We recommend buying the stock above 745 for the target of Rs 788, keeping a stop loss at Rs 730 on a closing basis.


Disclaimer: Gaurav Garg is Head of Research at CapitalVia Global Research Limited- Investment Advisor. The analyst does not hold position in any of the stocks mentioned above. Views expressed are personal.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, May 03 2021. 08:25 IST
RECOMMENDED FOR YOU
.