Nifty Outlook
Nifty has failed to surpass the crucial resistance of its previous top 9948 and turned southward. Any level below 9740 would form lower bottom and would also violate the support of upward sloping trend line on the daily charts. Far Support is seen at 9450 in Nifty. However, Close above 9925 would be considered bullish, which might pull Nifty towards new all-time highs above 10137.
TINPLATE - BUY
CMP: Rs 155.55
STOP LOSS: Rs 146
TARGET: Rs 175
In the Month of July 2017, Stock broke out from the crucial resistance of 99 with a big jump in volumes. In the Existing Month stock consolidated initially but managed to remain at highest level by the end of the Month. The recent breakout has also resulted in to ascending triangle breakout on the monthly charts. MACD on the Monthly chart is trading above its signal line and KST indicator has also turned bullish, as Gap between KST line and Signal line has widened sharply. Considering the technical evidences discussed above we recommend buying the stock between 155.55 and 150, for the target of 175, keeping SL at 146.
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