The market has got in to its corrective mode supported by technical indicators and volatility index also on rising indicating some more correction to set in. The support for the day is seen at 37680/11370 while resistance is seen at 38150/11500. Bank Nifty also in sync with Nifty is in corrective would have a range of 26940-27460. Rupee too closed at its all-time low, it is time for it to show some reversal, while crude continues with its upward move. Nifty would have its near-term support at 11250 levels.
BUY DHAMPUR SUGARS
CMP: Rs 92.40
TARGET: Rs 104
STOP LOSS: Rs 86
The stock has been in a consolidation phase for quite some time at around 87 levels and currently is has indicated a bullish candle pattern in the daily chart and has signified strength and potential to rise further in the near future and with the RSI showing a steep rise with a trend reversal has also signaled a buy and maintained a positive bias. With the volume participation on the rise, we recommend a buy in this stock for an upside target of 104 keeping a stop loss of 86.
CMP: Rs 54.05
TARGET: Rs 61.50
STOP LOSS: Rs 50
The stock has witnessed a good run in the past 2-3 weeks from the bottom made at around 36 levels and has maintained a positive bias with a rising trend. Currently, the stock has moved past the significant 200DMA moving average level indicating a breakout and has made the stock to look attractive and with the RSI and MACD on the rise with good volume activity witnessed, we recommend a buy in this stock for an upside target of 61.50 keeping a stop loss of 50.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.