 "Trading Strategy")
NIFTY VIEW
Nifty has eventually broken the crucial support of 11,950 levels and got into selling with the weekly trend turning down in Nifty while Bank Nifty has just managed to stay above. Further selling can be expected from here on, we suggest a cautious view from here on. The support for the week is seen at 39,770/11,700 while the resistance would be seen near 41,100/12,140 levels. Bank Nifty would have the weekly range of 30,660 – 32,000 levels.
BUY COLGATE PAL | CMP: Rs 1,480.60 | TARGET: Rs 1,650 | STOP LOSS: Rs 1,420
After a decent correction from the peak of Rs 1,640 levels the stock has indicated a trend reversal with a bullish candle pattern to imply positive bias and also with the RSI showing a trend reversal from the oversold zone has signaled a buy. The chart looking attractive and risk reward being favorable, we suggest to buy this stock for an upside target of Rs 1,650 keeping a stop loss of Rs 1,420.
BUY CEAT | CMP: Rs 968.25 | TARGET: Rs 1,050 | STOP LOSS: Rs 920
The stock has witnessed a gradual correction from the peak of Rs 1,037 and has made a bottom near Rs 910 levels and has indicated a bounce back with a bullish candle pattern in the daily chart. The chart looks attractive and with the bias turned positive, we anticipate further more upside movement in the stock in the coming days. The RSI has indicated a trend reversal and with good volume participation witnessed, we suggest to buy this stock for an upside target of Rs 1,050 keeping a stop loss of Rs 920.
