Utilize dips to create fresh long positions
Nifty took some breather after leaping more than 8 per cent in just two sessions. The gap up opening on Sep 23rd, 2019 has left the unfilled range of 11,400-11,500 and same can act as strong support for Nifty going forward. Resistance for Nifty is seen at 11,757 followed by 12,000.
BUY JK CEMENT (Rs 1,139)
Stop-loss: Rs 1,080
The stock has surpassed the previous top resistance on the daily charts with higher volumes and is on the verge of registering new all time high above Rs 1,182. It is placed above all important moving average parameters. Considering the technical evidences, we recommend buying the stock between CMP and Rs 1,100 for the target of Rs 1,250, keeping stop loss at Rs 1,080 on closing basis.
BUY GODREJ PROPERTIES (Rs 1,010)
Target: Rs 970
Stop-loss: Rs 1,070
The stock price has broken out from descending triangle on the daily charts. MACD and DMI Indicators have been showing strength on the daily and weekly charts. The price has, also, been forming higher tops and higher bottoms on the weekly and monthly charts. Considering the technical evidences, we recommend buying the stock at CMP and average it at Rs 990, for the target of Rs 1,070, keeping a stop loss at Rs 970 on closing basis.
Disclaimer: Views expressed are the author's own. He may have positions in one or all of the above mentioned stocks.