Nifty has been trading near 11,900 level. From the last four trading sessions, however, it is making newer highs and has closed at 11,913. In Wednesday’s trade the index demonstrated a range bound movement within 11,880 and 11,950 levels. Moving forward, we are expecting a bullish movement of Nifty towards 12,000 and the level of 11,900 will continue remain support.
BUY ADANI GREEN
CMP: Rs 52
Target: Rs 65
Stop Loss: Rs 44
The stock is in a continuous bullish trend. The level above 52 would also result into a multiple breakout on the charts as there is no real resistance above 52. Moving average and Oscillator setup is bullish on the short- and medium-term charts.
Considering this technical evidence, we recommend buying the stock at CMP for the target of Rs 65,
keeping a stop loss at Rs 44 on closing basis.
CMP: Rs 1050
Target: Rs 1150
Stop loss: Rs 1030
Thermax has remained resilient in the recent past. The scrip is trading above all important moving averages. Considering this technical evidence, we recommend buying the stock at CMP for the target of Rs 1,150, keeping a stop loss at Rs 1,030 on closing basis.
Disclaimer: The analyst does not hold positions in any of the stocks mentioned above.