Utilise dips to accumulate Long positions in Nifty
Nifty has broken out from the consolidation range - 10,700 to 11,000. After breakout, the index has already added more than 300 points in the rally, touching 11,320. Support has shifted upward to 11,200 level, which should be utilised to accumulate long positions. On the upside, 11,345 is the immediate resistance followed by an all-time high of 11,760.
BUY Astral Poly Technik (Rs 1,251)
Target: Rs 1,394
Stop loss: Rs 1,166
The stock price has registered new all-time high with higher volumes. Symmetrical triangle breakout is seen on the daily charts. Primary trend has been bullish with higher tops and higher bottoms.
Considering the technical evidences discussed above, we recommend buying the stock between closing market price (CMP) and Rs 1,220 for the target of Rs 1,394, keeping a stop loss at Rs 1,166 on closing basis.
BUY Havells India (Rs 765)
Target: Rs. 850
Stop loss: Rs 725
The stock price has registered new all-time high with higher volumes. It has been trading above all important moving averages. Indicators and Oscillators have been showing strength on the daily and weekly charts.
Considering the technical evidences discussed above, we recommend buying the stock at CMP and average it at Rs 745, for the target of Rs 850, keeping a stop loss at Rs 725 on closing basis.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.