NIFTY VIEW
Indices though in overbought zone continue to be in all-time high levels along with Bank Nifty. There is a possibility of market witnessing a sideways move to a consolidation at these levels with 11200 as a strong support level. The support for the day is seen at 11320 while resistance is seen at 11440. If the benchmark index is to take a breather, we would see some movement in mid-cap stocks.
BUY GREENPLY INDUSTRIES
CMP: Rs 218.35
TARGET: Rs 248
STOP LOSS: Rs 203
The stock has witnessed a huge erosion from the high made at 378 levels and has currently shown signs of bottoming out at around 195 - 198 levels and indicating a bounce back to make the chart look very attractive. The RSI also has turned its trend from the highly oversold zone and has signaled a buy to make the bias positive and has got potential to rise further in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 248 keeping a stop loss of 203.
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