NIFTY VIEW:
Market is unable to sustain at higher levels, though for now there is no negative bias unless 9,680 breaks decisively. With the RSI bouncing back from the oversold zone in the daily chart, we may not rule out a bounce back going to even 10,000 levels. The support for the day is seen at 9,820 while the resistance is seen at 9,900.
BUY VOLTAS
CMP: Rs 522.95
TARGET: Rs 563
STOP LOSS: Rs 494
The stock after a short correction has taken support at around Rs 500 and is now showing a positive candle with potential to rise further with strength. Also it has taken support at the significant moving average of 144-WMA and looks attractive for further upward move. The RSI has indicated a trend reversal signaling a buy and is supporting our positive bias. We recommend a buy in this stock for an upside target of Rs 563 keeping a stop loss of Rs 494.
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