NIFTY VIEW
Indices continue to make lower top formation and also with the weekly trend turned down in Nifty, Sensex and Bank Nifty, the bias remains corrective. The support for the day is seen at 37400/11300 while resistance is seen at 37900/11440. Bank Nifty would have a range of 26600-27000. IT and Metals show strength while FMCG shows corrective bias. Pharma sector though positive has witnessed some profit booking.
BUY NCC
CMP: Rs 91.60
TARGET: Rs 103
STOP LOSS: Rs 86
The stock has witnessed a small correction and has indicated a good revival with a positive bullish candle pattern to form an attractive chart and is on the verge of giving a breakout above the significant 50DMA moving average which lies at 94 levels. The RSI has indicated a trend reversal from the oversold zone and has signaled a buy with a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 103 keeping a stop loss of 86.
BUY CHENNAI PETRO
CMP: Rs 303.15
TARGET: Rs 335
STOP LOSS: Rs 284
The stock has recovered convincingly from the bottom made at around 270 levels and has currently moved past the significant 50DMA moving average which lies at 301 and has maintained a positive bias with the RSI indicating a steep rise to signify further strength and potential to move upward in the coming days. With the indicators looking favourable and decent volume participation in recent times, we recommend a buy in this stock for an upside target of 335 keeping a stop loss of 284.
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