Nifty turned down its weekly trend and with the daily trend also being down since the past seven days, it implies weakness or further selling pressure in the market. The weightage among the Nifty50 stocks is equally balanced between the positive and negative. The support for the week is seen at 38,760/11,600 for the Sensex and Nifty, respectively while resistance is seen at 40,140/12,050. Bank Nifty would have a range of 29,900-31,300. Bank Nifty now has a negative divergence on weekly chart with many front line banks getting in selling mode, a cautious view.
CMP: Rs 100.15
TARGET: Rs 116
STOP LOSS: Rs 93
The stock has witnessed a decent erosion in recent time from the peak of Rs 119 to take support and consolidate near Rs 92-93 levels and currently has indicated a bounce back with positive candle pattern to signify strength and has potential to rise further in the coming days. The relative strength index (RSI) has also indicated a trend reversal to signal a buy and has improved the bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 116 keeping a stop loss of Rs 93.
CMP: Rs 386.50
TARGET: Rs 420
STOP LOSS: Rs 374
The stock has been in a trending mode with series of higher bottom formation pattern. Currently, the support has been formed near Rs 378 levels and we anticipate a further rise to reach the previous peak level in the coming days. The RSI is also on the verge of a trend reversal to improve the bias and with the chart looking attractive with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 420 keeping a stop loss of Rs 374.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.