Nifty recovered however the weekly trend turns down after 6 weeks; BankNifty has its weekly trend down since 3 weeks. The weightage of Nifty50 stocks is more tilted on the negative side with 69 per cent on the sell mode. This week being the pre-budget would bring in lot of movement in stocks. The support for the week is seen at 40,950/12,030 while resistance is seen at 42,260/12,460. Bank Nifty would have a range of 30,580-31,880. Almost all sectors are back in momentum along with mid-cap. Larsen along with BHEL looks positive for a technical bounce back. Nestle, Britannia, HUL, etc have already started with its up move.
BUY TITAN | CMP: Rs 1,227.85 | TARGET: Rs 1340 -1360 | STOP LOSS: Rs 1,170
The stock has given a breakout above 1200 levels and indicated a fresh upward move with positive bias to scale new heights in the coming days. The RSI has shown distinct strength and is on the rise and we anticipate a fresh upward movement to see new upside targets. With the volume participation pretty good, we suggest to buy and accumulate this stock for an upside target of Rs 1340 - 1360 keeping the stop loss near Rs 1170.
BUY BHEL | CMP: Rs 45 | TARGET: Rs 48 - 50 | STOP LOSS: Rs 42.50
The stock after a short correction has shown signs of bottoming out near 43 levels and currently has indicated a positive bullish candle pattern in the daily chart to imply strength and has potential to rise further in the coming days. The RSI also has shown a trend reversal to signal a buy and we anticipate further upward move till 48 levels. With the chart looking good and with decent volume participation, we suggest to buy and accumulate this stock for an upside target of Rs 48-50 keeping the stop loss near Rs 42.50.
Disclaimer: The author may have positions in one or all of the above mentioned stocks. Views expressed are her own.