Get ready for new highs and beyond
Nifty found support at 11,310 levels and resumed its uptrend, closing on a strong level at 11,483. Bank Nifty has been outperforming and closed at the new all-time high. Nifty, too, is expected to register new all-time high above 11,760. It is advisable to remain long in Nifty with the stop loss of 11,300 for the upside target of 11,760 for the short term. Medium term target for Nifty is seen at 12,430.
BUY Pidilite Ind (Rs 1,226.55)
Target: Rs 1290
Stop loss: Rs 1,180
The stock price has registered a new all-time high with a significant jump in volumes. It has broken out from the strong resistance of Rs 1,195 on the monthly charts. Moving average and Oscillator set is bullish on daily, weekly and monthly charts.
Considering the technical evidence discussed above, we recommend buying the stock between CMP and Rs 1,200 for the target of Rs 1,290, keeping a stop loss at Rs 1,180 on a closing basis.
BUY RBL Bank (Rs 554)
Target: Rs 590
Stop loss: Rs 530
The stock has broken out from the pennant pattern on the daily charts and it is on the verge of registering new all-time high above Rs 661.50. Moving average and Oscillator set is bullish on daily, weekly and monthly charts. The stock has witnessed higher tops and higher bottoms on the weekly charts.
Considering the technical evidence discussed above, we recommend buying the stock at CMP and average it at Rs 540 for the target of Rs 590, keeping a stop loss at Rs 530 on a closing basis.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.