Nifty Outlook
The market breadth & stock mix remains good as the Nifty regained its strength. The bullish sequence on the short term trend which commenced from 9,450 is yet to witness any major distortion. On the daily scale, the index had recently witnessed a Spinning top formation but not at the peak of the trend thus conveying that the indecisiveness shall remain for a while until the index rests within 9,900-9,780.
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Stocks:
TRF - BUY
CMP: Rs 247
Stop Loss: Rs 232
Target: Rs 295
Mature consolidation on the weekly scale along with a firm close above its 200 days EMA on the daily scale. The recent jump in volumes complements the setup & a breach above 260 from hereon could amplify the momentum. We expect the stock to witness outperformance & hence trading longs could be considered with a stop below 232 for a potential target up to 295.
APOLLO TYRES - BUY
CMP: Rs 256
Stop Loss: Rs 242
Target: Rs 285
Breakout from the Rounding formation on the monthly scale indicates a target upto330. The ongoing consolidation looks mature & the stock could witness momentum in the coming sessions. Fresh longs could be added with a stop below 242 for an intermediate target upto 285.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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