Nifty broke most of the major support zones and crashed almost 860 points in a single week, deteriorating the bias and sentiment of the market players. As of now, the psychological support of 11,000 level would be tested and the big question would be whether the index sustains or breaches that level. BankNifty also has tanked in the last one week but much lesser in comparison to the Nifty index. However, the support for the week would be seen at 36,600/10,800 levels while the resistance would be seen at 39,800/11,650 levels. BankNifty would have the weekly range of 27,700-30,650 levels.
BUY BAJAJ CONSUMER | CMP: Rs 192.30 | TARGET: Rs 225 | STOP LOSS: Rs 180
The stock saw a decent correction from 45.70 to 39.50 levels and has now made a trend reversal with a healthy green candle pattern. The stock has made a good recovery with huge volume participation. The RSI indicator has reversed its trend to give a buy signal. We recommend this stock for an upside target of Rs 225, keeping a stop loss of Rs 180.
BUY ITC | CMP: Rs 197.55 | TARGET: Rs 230 | STOP LOSS: Rs 185
After giving a steep correction from 262 levels to 192, this stock has made a decent recovery. With rising RSI and other positive indicators, we recommend a buy in this stock for an upside target of Rs 230, keeping a stop loss of Rs 185.
Disclaimer: The author may have positions in one or all of the above mentioned stocks. Views expressed are personal