Nifty Outlook
From the bottom of 9951 registered on 23rd Mar 2018, Nifty has risen 6.90% till date. In last two sessions, Nifty has been facing resistance around 10638 levels. Any level above 10638 could extend the upswing towards next resistance of 10705, which happened to be 61.8% retracement. Nifty has been sustaining above its 100 DMA, and same is likely to provide support at 10462 odd levels.
BUY SUNPHARMA ADV. RESEARCH
CMP: Rs 425
Stop Loss: Rs 400
Target: Rs 480
Downward sloping trend line breakout is seen on the daily charts. Stock price has broken out from last 8 session’s consolidation. Volumes have been going up along with the price rise for last couple of sessions. Stock price has been trading above 50,100 and 200 DMA, indicating uptrend for short to medium term. Oscillator like RSI and Momentum indicator like MACD on the daily charts have been showing strength. Pharma sector has started showing traction for last couple sessions and looks convincing for the short term. We recommend buying SPARC for the upside target of 480, keeping SL at 400.
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