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NIFTY VIEW
Nifty once again could not move past the level of 10785 which is acting as a strong resistance zone and saw signs of exhaustion along with the Bank Nifty index which has seemed to top out at around 26250 levels. In the midst of the event results, the chances of a short correction till 10550 levels in Nifty and near about 25500 levels for Bank Nifty cannot be ruled out. However, the support for the day is seen at 10650 while resistance is seen at 10770.
BUY BHARTI AIRTEL
CMP: Rs 412.10
TARGET: Rs 442
STOP LOSS: Rs 395
CMP: Rs 412.10
TARGET: Rs 442
STOP LOSS: Rs 395
The stock has been consolidating at around 400 levels for quite some time maintaining a good support at the 34WMA moving average and now it has indicated a positive candle pattern in the daily chart moving above the significant moving average of 50 DMA to signify strength in the stock to anticipate further upward rise in the coming days. The RSI also has made a trend reversal to maintain the positive bias and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of 442 keeping a stop loss of 395.
BUY EMAMI LTD
CMP : Rs 1038.50
TARGET : Rs 1,130
STOP LOSS : Rs 1,010
CMP : Rs 1038.50
TARGET : Rs 1,130
STOP LOSS : Rs 1,010
The stock has given a decent correction from the peak of 1170 levels to bottom out at around 1010 where is a strong support and has also formed a double bottom formation pattern in the daily chart. Currently it has produced a positive bullish candle to signify strength and potential to rise further in the coming days and has made the chart look attractive for a decent return. The RSI also has hit the oversold zone and has indicated a trend reversal to signal a buy and with good volume activity witnessed, we recommend a buy in this stock for an upside target of 1130 keeping a stop loss of 1010.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
