The week has begun with a bang with the Nifty closing above 10,950 and moving past the cluster of significant moving averages bringing a new range for indices and we anticipate further upward momentum. The support for the day is seen at 36,160/10,920 while resistance is seen at 36,740/11,060. Bank Nifty too moving past 27,300 elevates the range and we have the range for the day as 27,270-27,850 levels. Mid-caps have begun with a roaring recovery which should now be the focus.
BUY INDUSIND BANK
CMP: Rs 1,541.60
TARGET: Rs 1,660
STOP LOSS: Rs 1,470
The stock has given a breakout above the triangle flag pattern above Rs 1,520 and has signified strength for further upward movement and has made the chart look very attractive. The RSI has indicated a steep rise to shown a trend reversal and has signaled a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,660 keeping a stop loss of Rs 1,470.
BUY RALLIS INDIA
CMP: Rs 157.95
TARGET: Rs 180
STOP LOSS: Rs 146
The stock has witnessed a decent correction from the peak of Rs 277 and currently has shown signs of bottoming out and consolidating with a strong base maintained near 148 levels. A bullish positive candle pattern in the daily chart has indicated the potential to rise further with a positive bias and with the RSI also showing a steep rise with a trend reversal has supported our view. With good volume activity seen, we recommend a buy in this stock for an upside target of Rs 180 keeping a stop loss of Rs 146.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.