Nifty for now has taken support at 11,780 levels, with daily trend turned up and short covering witnessed in many stocks. The week is a truncated one and with a move above 200-day moving average (DMA) level of 11,170 would bring about further upside momentum. The support for the week is seen at 36,880/10,880 for Sensex and Nifty, respectively, while resistance is seen at 38,280/11,340. Bank Nifty would have a range of 27,720-29,150. FMCG counter continues to surge with HUL, Dabur, Marico, etc showing good uptrend.
BUY M&M FINANCE
CMP: Rs 318.80
TARGET: Rs 360
STOP LOSS: Rs 288
The stock has given a decent correction from Rs 391 levels to bottom out near Rs 288 levels where it has consolidated and maintained the base. Currently, with a positive candle pattern on the daily chart, it has made the chart look attractive and improved the bias. The stock has got strength and has potential to rise further in the coming days for an upside target of Rs 360, keeping the stop loss of Rs 288.
BUY TITAN INDUSTRIES
CMP: Rs 1,067
TARGET: Rs 1,160
STOP LOSS: Rs 1,015
The stock has witnessed a correction from the levels of Rs 1,340 and has taken support and bottomed out near Rs 1,000 levels and has bounced back strongly to maintain a positive bias. The relative strength index (RSI) has indicated a trend reversal from the oversold zone and has signaled a buy and with the chart looking attractive, we anticipate further upside move in the coming days for a target of Rs 1,160, keeping a stop loss of Rs 1,015.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.