NIFTY VIEW
As of now, Nifty has taken support at the significant 200 DMA level of 10135 and indicated signs of a revival. To signal a fresh positive sentiment, Nifty has to breach the level of 10450 decisively else it would be range bound pattern of movement between 10130 and 10450 levels. The support for the day is seen at 10180 while the resistance is seen at 10300.
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CMP: Rs 3,586.70
TARGET: Rs 3,825
STOP LOSS: Rs 3,450
The stock has more or less made a higher bottom formation pattern in the daily chart at around 3440 and has regained strength and has more upside potential to scale till 3825 levels in the coming days. The indicators like the RSI has indicated a trend reversal and is poised for an upmove whereas the MACD is on the rise and is indicating a positive bias for more upside rally. With consistent volume activity seen, we recommend a buy in this stock for an upside target of 3825 keeping a stop loss of 3450.
BUY CASTROL
CMP: Rs 202.75
STOP LOSS: Rs 194
The stock has recovered significantly from the lows of 173 and after making a higher bottom formation pattern in the daily chart, it has given a breakout above the 200 DMA and currently the positive candle pattern indicates a positive bias for further rise in the coming days. The RSI has shown a trend reversal to signal a buy and with the MACD on the rise, the stock looks attractive for more upside. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 220 keeping a stop loss of 194.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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