Last week, the Nifty lost all its momentum that it gained over the week before the announcement of Budget, as it was unable to break the 12,000-mark and settled at 11,811.20 losing 135.60 points but respecting 11,800 level. Budget was below par with the expectations and the market witnessed profit-booking after the presentation. This week, the market must hold on to the level of 11,800, otherwise bears will continue to grab their hold on the market. Next support level is at 11,600 for next week and 12,000 is going to be a major resistance. Bank Nifty, is stronger than Nifty, as traders were more positive regarding PSU banks. Bank Nifty closed at 31,475.80, adding 3.95 points.
This week, we can see a big movement in housing finance stocks and PSU banks.
• CMP: Rs 371
• Target: Rs 395
• Stop loss: Rs 365
The stock is in a continuous bullish trend. The level above Rs 371 would also result into multiple breakout on the charts as there is no real resistance above Rs 375. Moving average and Oscillator setup is bullish on the short- and medium-term charts.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 395, keeping a stop loss at Rs 365 on closing basis.
• CMP: Rs330
• Target: Rs 365
• Stop loss: Rs 315
It has remained resilient in the recent past. The scrip is trading above all important moving averages.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 365, keeping a stop loss at Rs 315 on closing basis.
Disclaimer: The analyst does not hold positions in any of the stocks mentioned above.