Nifty has for now taken support of 11,700, with the daily trend in Nifty and Bank Nifty turning down. IT index has once again come in positive territory to act as a defensive counter. The support for the week is seen at 38,930/11,650 for the Sensex and Nifty, respectively while resistance is seen at 40,320/12,100. Bank Nifty would have a range of 30,370-31,770. OMC (oil marketing companies) and paint stocks along with few FMCG would be the stocks to be viewed with a positive bias.
CMP: Rs 617.20
TARGET: Rs 670
STOP LOSS: Rs 580
The stock has been in a gradual rising trend and is on the verge of a breakout above Rs 635 levels and the indicators look favourable for further upward movement in the coming days. The relative strength index (RSI) is on the rise to improve the bias and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 670 keeping a stop loss of Rs 580.
BUY VIP IND
CMP: Rs 457.05
TARGET: Rs 510
STOP LOSS: Rs 425
The stock has indicated a higher bottom formation pattern on the daily chart and is in a rising trend to signify strength and has potential to rise further in the near future. The RSI has recently indicated a trend reversal and is on the rise to maintain a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 510 keeping a stop loss of Rs 425.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.