Nifty Outlook:
It was a week of consolidation for our markets as we saw a fragile start on Monday followed by some consolidation for three days and then a good pull back move to conclude at the highest point of the week. The tail end rally was mainly propelled by the heavyweight banking conglomerates along with the beaten down Midcap index.
Stock recommendations:
1. Tata Motors - Bullish
Last Close – Rs. 360.20
This has been one of the underperformers over the past 18 months and is now trading around its 52-week low. However, if we look at the weekly chart we can see a strong support zone of multi-year lows along with the ’89-EMA’ on monthly chart. Considering the extreme oversold condition of momentum oscillators in all time frames, we expect a decent bounce back rally in this stock. Hence, we would like to advise a contradictory buy for a target of Rs.378 over the next few days. The stop loss now can be fixed at Rs. 350.
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