NIFTY VIEW
Nifty closing above the crucial resistance of 11078 has brought in further conviction of its continuing to surge higher supported by the RSI at 65. Mid-cap sector, too, has begun showing signs of revival. However, we still need to wait for the sector to breach the consolidation level. The support for the day is seen at 11,020 while resistance is seen at 11,140 for the Nifty. The Metal stocks have shown some revival and the up move can continue.
BUY ICICI BANK CMP : 275.55 TARGET : 299 STOP LOSS : 260
The stock has been maintaining a good base at around 258-260 levels and almost has made a double bottom formation pattern in the daily chart and currently has indicated a positive candle to signify strength and has potential to rise further in the coming days.
The chart looks attractive and also the RSI has been improving indicating a trend reversal to signal a buy. With consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 299 keeping a stop loss of 260.
BUY JINDAL STEEL POWER CMP : 187.45 TARGET : 204 STOP LOSS : 177
The stock has given a decent correction from the peak of 229 to show signs of bottoming out at around 178 levels and is picking up with some consolidation witnessed to anticipate a bounce from here on to scale till 195-200 levels. The RSI also has indicated a trend reversal from the oversold zone and has signaled a buy. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 204 keeping a stop loss of 177.
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Note: All stock values in Rs.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.