Nifty took a breather to the ongoing rally to end on a flat note, while the sentiment is still maintained positive and as of now we have a good support at 10,500 -10,520 levels. However, the support for the day is seen at 10,580 while the resistance would be at 10,690 levels.
BUY CHENNAI PETRO
CMP: Rs 442.50
TARGET: Rs 475
STOP LOSS: Rs 420
The stock has been moving in a trending mode upward making series of higher bottom formation pattern in the daily chart. Currently also it has taken support at the cluster of significant moving averages of 34 WMA and 144 WMA and has shown a positive bias with a trend reversal in the RSI to signal a buy with a steep rise. The volume participation has been tremendous and we recommend a buy in this stock for an upside target of 475 keeping a stop loss of 420.
BUY MARKSANS PHARMA
CMP: Rs 44.85
TARGET: Rs 52
STOP LOSS: Rs 41
The stock has made a bottom formation recently at around 34.20 and has recovered significantly from thereon and now has given a closing above the 200 DMA to indicate a breakout with a positive bias.
The chart looks attractive with the RSI on the rise so also the MACD and we anticipate a further rise in the stock in the coming days with strength and potential. With increasing volume activity, we recommend a buy in this stock for an upside target of 52 keeping a stop loss of 41.
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