Nifty has once again got its daily and weekly trend turned down while BankNifty continues to have its weekly trend down but daily has turned up. Statae Bank of India (SBI), Axis Bank, and Kotak Mahindra Bank are the stocks to show some positive move in days to come. The support for the week is seen at 40,530/11,870 while resistance is seen at 41,880/12,320. Bank Nifty would have a range of 30,300-31,660. Most of the sectors are in red, while FMCG is still in positive. Marico should be the stock to focus on.
BUY APOLLO TYRES | CMP: Rs 158 | TARGET: Rs 180 | STOP LOSS: Rs 148
The stock has corrected well in recent times from the peak of 182 and gradually has come down to bottom out near 150 levels and currently has given a positive bullish candle pattern on the daily chart. This signifies strength and the potential to rise further with indicators turning favorable. With the RSI also showing a trend reversal to signal a buy, we suggest to buy and accumulate this stock for an upside target of Rs 180 keeping the stop loss of Rs 148.
BUY HIMATSINGKA SEIDE | CMP: Rs 107.25 | TARGET: Rs 135 - 140 | STOP LOSS: Rs 96
The stock has given a decent correction from the peak of 147 to bottom out near 97 levels where it had consolidated for some time and currently has indicated a positive candle with decent volume participation to imply strength and the potential to rise further in the coming days. We suggest to buy and accumulate the stock for an upside target of Rs 135-140 keeping the stop loss near Rs 96 levels.
Disclaimer: The author may have positions in one or all of the above mentioned stocks. Views expressed are personal