Nifty has been hovering between the narrow range of 11,550 on the downside and 11,750 on the upside for quite some time and we anticipate a breach on either side of the range would bring in fresh movement and decide the trend of the market. Bank Nifty, too, has a similar rangebound between 29,700 and 30,200 levels. However, the support for the week would be seen at 38,120/11,440 levels for Sensex and Nifty, respectively, while the resistance would be at 39,260/11,800 levels. Bank Nifty would have the range of 29,300-30,440 levels.
CMP: Rs 7,342.85
TARGET: Rs 7,700
STOP LOSS: Rs 7,150
The stock has been consolidating for quite some time between Rs 7,100 and Rs 7,200 levels and currently has given a breakout with a positive bullish candle pattern to signify strength and has potential for fresh upward movement in the coming days. The relative strength index (RSI) has been on the rise and with favourable indicators supporting our view, the chart looks very attractive. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 7,700 keeping a stop loss of Rs 7,150.
BUY DILIP BUILDCON
CMP: Rs 654.20
TARGET: Rs 725
STOP LOSS: Rs 610
The stock has been stagnant and consolidating near Rs 620 levels and currently has produced a positive bullish candle to signify strength and has made the chart look attractive for further upsides. The RSI has indicated a trend reversal to signal a buy and with good volume participation, we recommend a buy in this stock for an upside target of Rs 725 keeping a stop loss of Rs 610.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.