Nifty Outlook:
Nifty respected the 10,550 support well & today’s rebound reconfirms the strength in the support. On the flip side the headwinds near 10,770 could remain valid for a day or so but the ongoing sequence of higher tops & bottoms on the hourly charts augur well for a breakout soon.
Stock: BAJAJ FINANCE
Reco: Buy
CMP: Rs 2,160
Bajaj Finance has been in a secular uptrend & the occurrence of a ‘Flag Formation’ on the daily scale augurs well for the ongoing trend to continue. Breakout above 2150 seems established & could now attract momentum & hence fresh long positions could be initiated with a stop below 2105 for a short term target up to 2265.
Stock: ARVIND LTD
Reco: BUY
CMP: Rs 394
Follow through move post the ‘Piercing Line’ formation on the daily scale confirmed the base of the oscillating range. The convergence of the RSI signal along with the same indicates momentum to persist & a rebound towards the upper range could be swift. Hence we expect the stock to revisit 420 level & could be participated with a stop below 380.
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