Nifty, last week, got its weekly trend turned up after 10 weeks. The weightage among Nifty50 stocks, too, is tilted more on positive, with 35 stocks trading with positive weekly trend and having weightage of 66 per cent. Bank Nifty has been an outperformer and continues to look positive. Nifty needs to cross the crucial hurdle of 11,265 and sustain above it. The support for the week is seen at 36,770/10,870 while resistance is seen at 37,950/11,260. Bank Nifty would have a range of 27,470-28,660. SBI, ICICI, etc look positive along with PSU stocks like BPCL, ONGC,NTPC,etc.
BUY ICICI BANK
CMP: Rs 413.40
TARGET: Rs 450
STOP LOSS: Rs 390
The stock has consolidated and taken support near the significant 200DMA moving average and has given a decent bounce to signify strength and has potential to rise further in the coming days. Also the RSI has indicated a trend reversal to improve the bias and with consistent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 450, keeping the stop loss of Rs 390.
CMP: Rs 930.45
TARGET: Rs 1,020
STOP LOSS: Rs 880
The stock has witnessed a fresh upside momentum after the consolidation phase maintaining a good base near 875 -880 levels. The RSI also shown a decent pickup with a trend reversal to signal a buy and with huge volume built-up witnessed, we recommend a buy in this stock for an upside target of Rs 1,020, keeping a stop loss of Rs 880.
Disclaimer: Views expressed are the author's own. She may have positions in one or all of the above mentioned stocks.