Market traded lower on Friday on crude oil surge; Nifty managed to hold 12,200
Market traded with negative sentiment throughout the day on Friday after a US air strike killed a key Iranian and Iraqi military personnel, leading to a surge in crude oil prices by $3. The Nifty closed at 12,226.70, shedding 55.50 points, on a weak Rupee. Tech and pharma stocks traded with positive sentiments throughout the day whereas, media and PSU bank sector witnessed some pressure. Nifty bank closed at 32,069.30, shedding 374.55 points from the previous day’s closing.
We can see a big momentum in following stocks:
Buy: Adani Ports and Special Economic Zone Limited (Above Rs 385.20)
Target: Rs 398
Stop loss: Rs 375
The stock is forming a flag pattern on the daily chart and is trading above all major EMAs. Moreover, the stock is witnessing resistance breakout from the level of Rs 385.20. A close above this level or the breach of this level will result in good upside momentum.
Considering the technical evidence discussed above, we recommend buying the stock above Rs 385.20 for the target of Rs 398, keeping a stop loss at Rs 375 on a closing basis.
Buy: Voltas Limited (Above Rs 665.20)
Target: Rs 688
Stop loss: Rs 652
After consolidating in a narrow range, the stock is consolidating and is ready to witness resistance breakout from the current level. Further rise from 665 will lead to a bullish movement. We recommend buying the stock at Rs 665.20 for the target of Rs 688, keeping a stop loss at Rs 652 on a closing basis.
Disclaimer: The analyst does not hold position in any of the stocks mentioned above.