Nifty view and stock picks by HDFC Securities: Buy Alkem Lab, Phoenix Mills

Breakdown below 11,750 would aggravate the selling pressure in Nifty

Nifty has reached a crucial support zone 11,750-11,783, which happens to be the unfilled gap formed on 4th Feb 2020. Low made on 25th Feb is exactly at the upward sloping trend line adjoining bottoms of 19th Sep 2019 and 3rd Feb 2020. Violation of 11,750 support may drag Nifty towards the 200 DMA support, currently placed at 11,684. The previous bottom on the Nifty daily chart is placed at 11,614, which can also act as far support.

Stock recommendation:

BUY ALKEM LAB (2640) | Target: Rs 2,800 | Stop-loss: Rs