The daily trend in Nifty and Bank Nifty still continues to be down, even after a good bounce by the Nifty to close at 12,245, while weekly trend continues with its uptrend. The support for the week is seen at 40,840/12,000 for Sensex and Nifty,respectively, while resistance is seen at 42,200/12,450. Bank Nifty would have a range of 31,670-33,040. SBI, Axis Bank, ICICI Bank, etc have got in new round of momentum and look positive for the coming days. Automakers and ancillary stocks like Bosch look positive. It's the time to focus on media sector - Zee, Sun TV, PVR, etc. Bias once again turns positive.
BUY COAL INDIA
CMP: Rs 203.50
TARGET: Rs 220-230
STOP LOSS: Rs 188
The stock has almost formed a double bottom pattern at near Rs 183 levels and has given a decent bounce back with also the relative strength index (RSI) getting stronger and stronger and it has implied strength for further upside movement in the coming days. The bias is positive with favourable indicators and we suggest to buy and accumulate this stock for an upside target of Rs 220 -230 levels keeping the stop loss near Rs 188.
CMP: Rs 128.40
TARGET: Rs 145-150
STOP LOSS: Rs 120
The stock has been in a gradual correction mode and has bottomed out near Rs 124 levels maintaining a good support base and currently has given a bullish candle pattern to imply strength and we anticipate further upside move in the coming days. Besides, the relative strength index (RSI) indicating a trend reversal to signal a buy. We suggest to buy and accumulate this stock keeping the support near Rs 120 levels for an upside target of Rs 145-150 levels.
Disclaimer: Views expressed are the author's own. She may have positions in one or all of the above mentioned stocks.