The Nifty has been facing stiff resistance at 12,300 for last three consecutive weeks. Any level above 12,300 would result in a fresh breakout. Immediate support for the Nifty is seen at 12,100, where 20-day simple moving average and exponential moving average are placed.
Stock ideas
BUY GUJARAT GAS (Rs 238): | Target: Rs 252 | Stop-loss: Rs 230
The stock price has broken out from last three week’s consolidation. Volume during the price breakout was significantly higher. The primary trend of the stock has been bullish with higher tops and higher bottoms and the stock price is placed above all important moving averages..
BUY PHOENIX MILLS (Rs 833) | Target: Rs. 900 | Stop-loss: Rs 800
The stock price has recently registered new all-time high. The stock has been an outperformer in the Realty sector. Stock price has broken out from last eight quarter’s price consolidation. Moving average and Oscillator setup is bullish on medium to long-term charts.
Disclaimer: Views expressed are the author's own. He may have positions in one or all of the above mentioned stocks.
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