Nifty finally broke the significant 200DMA level of 11250 to weaken the sentiment and bias and is now heading for 11000 level which would be the crucial support zone as of now. However, the support for the week is seen at 37070/10980 levels whereas the resistance would be seen at 38300/11380 levels. Bank Nifty would have the range of 27130-28350 levels. BankNifty has underperformed the Nifty index and would have 26600 as the next major support zone.
BUY HCL TECH
CMP: Rs 1,079
TARGET: Rs 1,180 -1230
STOP LOSS: Rs 1,030
The stock has taken support near the lower trendline support of the channel pattern in the daily chart and has indicated a bounce back with improving RSI and positive bias to imply further strength and potential to rise in the coming days. The volume participation has been significant and we suggest to buy this stock for an upside target of 1180 - 1230 keeping the stop loss of 1030.
BUY APOLLO HOSPITALS
CMP: Rs 1,400
TARGET: Rs 1,550
STOP LOSS: Rs 1330
The stock has more or less formed a higher bottom formation pattern in the daily chart with the RSI indicating a trend reversal from the oversold zone to signal a buy. The bias has improved with further strength and potential indicated for the stock to rise still more in the coming days. With decent volume participation witnessed, we recommend to buy this stock for an upside target of 1550 keeping the stop loss of 1330.
Disclaimer: Views expressed are the authors own. She may have positions in one or more stocks.