NIFTY VIEW
Nifty has corrected by 7.5% from the peak of 11,750 levels, however, has recovered from the intraday low of 10866, but still no clarity on market bottoming out. 200 DMA lies at 10,750 levels with the RSI at 37. Bank Nifty too corrected by 11.8%, already broken the 200 DMA. The bias remains corrective until we see some signs of reversal. The support for the week is seen 36,060/10,900 while resistance is seen at 37640/11400. Bank Nifty would have a range of 24,830-26,380. OMCs are now showing some signs of reversal.
BUY BIOCON
CMP: Rs 676.90
TARGET: Rs 730
STOP LOSS: Rs 650
The stock has maintained its rising trend in spite of the weak market scenario maintain above the significant moving averages of 50DMA and 200 DMA and look poised for further still upward move in the coming days. The RSI is on the rise and with improving volume participation, we recommend a buy in this stock for an upside target of 730 keeping a stop loss of 650.
BUY IOC
CMP: Rs 158.15
TARGET: Rs 180
STOP LOSS: Rs 148
The stock has maintained a strong support at around 150 levels and has indicated a decent revival to signify strength and has potential to rise further. The stock has almost given a breakout above the 50DMA and with the RSI on the rise has maintained the positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 180 keeping a stop loss of 148.
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