The much-awaited event arrives with anxiety building up among the market players. Technically, the index has taken support at 11,100 levels and bounced from there on gaining almost 300 points in the past two days. The support for the week is seen at 36,850/11,050 for the Sensex and Nifty, respectively, while resistance is seen at 38,880/11,720. Bank Nifty would have a range of 28,350-30,430. The exit poll and election result will decide the next move and clear direction of the market.
CMP: Rs 10,465.65
TARGET: Rs 11,250
STOP LOSS: Rs 10,100
The stock has witnessed a short correction in recent times to bottom out at around Rs 10,150 levels and has indicated a positive candle to signify strength and has potential to rise further in the coming days. The relative strength index (RSI) also has shown a trend reversal 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 Rs 11,250, keeping a stop loss of Rs 10,100.
BUY BERGER PAINTS
CMP: Rs 300.35
TARGET: Rs 330
STOP LOSS: Rs 285
The stock has given a decent correction from the levels of Rs 335 to show signs of bottoming out near Rs 290 levels almost forming a double bottom formation pattern on the daily chart to imply a strong support base. The currently indicated positive candle has signified strength and has further potential to carry the stock upward in the coming days. The indicators are favourable and with decent volume participation seen, we recommend a buy in this stock for an upside target of Rs 330, keeping a stop loss of Rs 295.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.