NIFTY VIEW:
Nifty has given a strong bounce back, however for the confirmation of this continuation of the up move, it is essential for Nifty to move past 10,350-10,380 levels decisively. The support for the week is seen at 10,120 while resistance is seen at 10,450.
BUY LIC HOUSING FINANCE
CMP: Rs 604.60
TARGET: Rs 665
STOP LOSS: Rs 574
The stock has witnessed a good correction from the peak of 675 to bottom out at 573 levels and now with a good positive bullish candle pattern in the daily chart, the stock looks attractive for further rise with strength and potential. The indicators have turned positive with the RSI indicating a steep rise with a trend reversal thus signaling a buy. With good volume participation witnessed, the positive bias is maintained and we recommend a buy in this stock for an upside target of 665 keeping a stop loss of 574.
BUY DHFL
CMP: Rs 635.50
TARGET: Rs 685
STOP LOSS: Rs 605
The stock has more or less formed a higher bottom formation pattern in the daily chart indicating a positive bias from here on and we anticipate it to give a breakout above the previous high of 679 level and scale new heights. The indicators like RSI also have shown a trend reversal and triggered a positive rise in the stock. With decent volume participation and promising factors supporting our view, we recommend a buy in this stock for an upside target of 685 keeping a stop loss of 605 level.
