Nifty made a U-turn from its support level of 10,600 with a gain of 130 points getting the daily trend of Nifty and Bank Nifty turned up. The index now needs to cross the hurdle of 10,750 for higher targets. The support for the day is seen at 35,480/10,670 for Sensex and Nifty, respectively while resistance is seen at 36,060/10,800. Bank Nifty would have a range of 26,660-27,250. The market, for now, after several attempts seems to have taken support of 10,600 levels.
Buy Aurobindo Pharma
CMP: Rs 722.80
TARGET: Rs 785
STOP LOSS: Rs 700
The stock has corrected and have reached the important base of Rs 705 level and has indicated a bullish positive candle pattern to signify strength and has potential to rise further in the coming days. The relative strngth index (RSI) has hit the highly oversold zone and has shown a trend reversal to signal a buy. With the chart looking attractive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 785 keeping a stop loss of Rs 700.
CMP: Rs 740.70
TARGET: Rs 800
STOP LOSS: Rs 715
The stock has witnessed a correction and has bottomed out near Rs 720 levels to have a double bottom formation pattern on the daily chart and with a bullish candle pattern, looks attractive for an upward rally in the coming days. The indicators have turned favourable and with also the RSI indicating a trend reversal to signal a buy has improved the bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 800 keeping a stop loss of Rs 715.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.