The downslide has begun with now Nifty resting at a support of 9,850, a break of this would slide it further down to 9,750-9,600 levels. Nifty needs to cross 9,920 to confirm the end of correction. The support for the day is seen at 9,825 while resistance is seen at 9,920.
BUY COAL INDIA
CMP: Rs 257.05
TARGET: Rs 275
STOP LOSS: Rs 245
The stock has made a higher bottom formation pattern at around Rs 248 in the daily chart and now has produced a positive candle pattern to show potential and strength to move further upward. The RSI has also indicated a trend reversal signaling a buy thus supporting our positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 275 keeping a stop loss of Rs 245.
BUY INDUSIND BANK
CMP: Rs 1,701.70
TARGET: Rs 1845
STOP LOSS: Rs 1,640
The stock has been in a rising trend and has regularly taken support at the significant moving average of 34-WMA and currently again it has come to the level of the 34-WMA and is showing a positive bias with potential to rise further up. The stock looks attractive and with accompanied with decent volume participation, we recommend a buy in this stock for an upside target of Rs 1,845 keeping a stop loss of Rs 1640.
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