Amid all the choppiness and individual stocks witnessing whiplashes, Nifty is managing to sustain well in its range. The support for the day is seen at 38,770/11,680 for Sensex and Nifty, respectively, while resistance is seen at 39,320/11,820. Bank Nifty would have a range of 29,470-30,060. IT sector continues to outperform, while auto sector has been taking the beating. Metal and Energy look positive, mid-cap sector has corrected to take support of 200-day moving average (DMA) for now. Besides tech stocks, Tata Steel, JSPL and JSW steel look promising.
BUY TORRENT PHARMA
CMP: Rs 1,791.90
TARGET: Rs 1,950
STOP LOSS: Rs 1,700
The stock has witnessed a short correction and has taken support near the significant 200-DMA and has indicated a positive bullish candle pattern on the daily chart to signify strength and has the potential to rise further in the coming days. The RSI has indicated a trend reversal to signal a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,950, keeping a stop loss of Rs 1,700.
BUY GREAVES COTTON
CMP: Rs 147.50
TARGET: Rs 160
STOP LOSS: Rs 139
The stock has, more or less, witnessed a higher bottom formation pattern taking support near Rs 139 levels and currently has produced a positive bullish candle signifying a positive bias and has opened up upside fresh targets which can be achievable in the coming days. The RSI has indicated a steep rise to show a trend reversal and signal a buy. With good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 160, keeping a stop loss of Rs 139.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.