NIFTY VIEW
In spite of some hiccups midway, Nifty witnessed a good recovery on weekly basis to gain over 2% to turn up the weekly trend positive after 9 weeks. The sentiment has improved little bit and now a decisive breach above 10480 would bring about a conviction for further upward movement. However, the support for the week is seen at 10080 while the resistance would be at 10550 levels.
BUY GAIL
CMP: Rs 334.25
TARGET: Rs 360
STOPLOSS: Rs 312
The stock has witnessed a gradual correction from the peak of 389 to bottom out at around 310 levels and is consolidating at the 200 DMA which lies at 325. With an indication of revival currently, the stock is gaining strength and has potential to rise further from here on to scale till 360 levels in the coming days. The RSI has shown a trend reversal recently and is on the rise to maintain a positive bias. With volume participation picking up in recent times, we recommend a buy in this stock for an upside target of 360 keeping a stop loss of 312.
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