Nifty View
Nifty continued its upward move with new all-time high of 11,760 and closed at 11,738. We believe that 11,768 is a crucial resistance to watch out for Nifty. Any level above 11,768 could extend the rally towards 11,999. As far as support is concerned 11,620 should be kept a stop loss in trading long positions. Nifty midcap and smallcap indices have not been able find their feet and therefore it is advisable to remain focused on Largecaps. BankNifty could see fresh momentum buying above 28,400.
Buy Sterlite Tech
CMP: Rs 365
Target: Rs 400
Stop loss: Rs 350
Stock has broken out from the consolidation which held for last 3 week. Volumes have gone up significantly along with price move. Stock has been trading above 20, 50 and 200 DMA, indicating positional uptrend. Oscillators have been showing strength on the weekly chart. We recommend buying Sterlite Tech for the upside target of 400, keeping SL at 350.
Buy FSL
CMP: Rs 72.60
Target: Rs 69
Stop loss: Rs 78
Stock price has broken out from the downward sloping trend line, adjoining previous two tops on the daily charts. Indicators like RSI and ADX have turned bullish on the daily and weekly charts. Flag Pattern breakout is observed on the weekly charts, indicating continuation of an uptrend. We recommend buying FSL for the upside target of 78, keeping SL at 69.
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