The stock, after the recent correction, has bottomed out near 610 levels and has given a bullish candle pattern to improve the bias. We, therefore, anticipate further upside move. Currently with the RSI also well placed, the indicator has indicated a trend reversal to signal a buy. With the chart looking attractive, we suggest to buy and accumulate this stock for an upside target of Rs 750-780, keeping the stop loss of Rs 620.
BUY NESTLE | CMP: Rs 17,295 | Target: Rs 18,800 | Stop Loss: Rs 16,800
The stock has witnessed a gradual correction and has consolidated near the 200-DMA level of 16,950, maintaining a decent support. Currently, a positive bullish candle pattern has improved the bias and with the RSI also showing a trend reversal from the oversold zone and signalling a buy. We suggest to buy and accumulate this stock for an upside target of Rs 18,800, keeping the stop loss of Rs 16,800.
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Disclaimer: The author is a technical analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.
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