Nifty gets its daily trend turned up after 7 days and Bank Nifty‘s daily trend has turned up after 5 days. Also Nifty has crossed & closed above the hurdle of 10,730-10,750 implying room for further upside to the target of 10,800-10,850. The support for the day is seen at 10,710 while resistance is seen at 10,830. Mid Cap sector as mentioned earlier looks promising from here on & also Pharma sector with stocks like Lupin, etc.
BUY HERO MOTOCORP
CMP: Rs 3,458.80
TARGET: Rs 3640
STOP LOSS: Rs 3,380
The stock has witnessed a decent erosion from the peak of 3700 to show signs of bottoming out around 3400 levels and has formed a good base at these levels on several occasions and we anticipate a revival from these levels. The RSI has indicated a trend reversal from the highly oversold zone to signal a buy and has improved the bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 3640 keeping a stop loss of 3380.
BUY APOLLO TYRES
CMP: Rs 253.30
TARGET: Rs 270
STOP LOSS: Rs 244
The stock has corrected well in recent times from the level of around 300 to bottom out at around 250 levels and has indicated a positive candle pattern in the daily chart to signify strength and potential to rise further in the coming days. The RSI also has bottomed out and has shown a trend reversal from the oversold zone to signal a buy and has moved to a positive bias zone. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 270 keeping a stop loss of 244.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.