Market witnessed good acceleration post the exit poll forgetting all pain witnessed over a period of time. Trend of all periodicities are back in positive for both Nifty and Bank Nifty. The support for the week is seen at 38,630/11,580 for Sensex and Nifty, respectively while resistance is seen at 40,100/12,060. Bank Nifty would have a range of 30,400-31,880. View is again positive and mid-cap sector, too, has started with its momentum; view for now is buy at every decline.
BUY AJANTA PHARMA
CMP: Rs 1,039.25
TARGET: Rs 1,150
STOP LOSS: Rs 980
The stock has maintained a strong base near Rs 1000 levels and currently has moved past the significant 50 DMA moving average signify strength and has potential to rise further in the coming days. The RSI also has indicated a trend reversal and with favourable indicators supporting our view for a positive bias, we recommend a buy in this stock for an upside target of Rs 1,150 keeping a stop loss of Rs 980.
BUY NATIONAL ALUMINIUM COMPANY
CMP: Rs 49.65
TARGET: Rs 57
STOP LOSS: Rs 46
The stock has got a strong support zone near the 47 levels where it has taken support on thrice occasions and currently the RSI has indicated a rising trend to improve the bias and has potential to carry the stock further upward in the coming days. The chart looks attractive with favourable indicators and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 57 keeping a stop loss of Rs 46.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.