Nifty rose for the third consecutive session to close at 10,585. Nifty managed to remain above 10,200 support on the closing basis and reversed northward. We expect Nifty to extend the recent pullback towards 10,800 target. Support is now shifted upward to 10,350, which can be kept as a stop-loss in Nifty longs.
The stock price has broken out from the symmetrical triangle on the daily chart. Breakout from the triangle also resulted into breakout from the consolidation with higher volumes. Primary trend of the stock has been bullish with higher tops and higher bottom on the weekly and monthly charts. We recommend buying Aurobindo Pharma for the target of 827, keeping SL at 745.
The stock price has reclaimed a level above its crucial resistance of 200 DMA, currently placed at 530 levels. Bullish inverse head and shoulder pattern breakout is seen on the daily charts. Oscillators have turned bullish on the short-term charts. We recommend buying RBL Bank for the target of 570, keeping SL at 519.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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