Continuing prior week’s swift recovery from 13,131, the Nifty opened at an uncharted zone and traded in the positive territory throughout the session. After marking a record high of 13,885, the Nifty eventually ended at 13872, up 123 points. Today’s Nifty high/low range was confined to 74 points. Nifty breadth remained positive. All the sectoral indices barring Pharma index ended the day in the green.
Bank Nifty rallied for the straight fourth session. Defending levels of 30,500, the Bank Nifty ended near its day’s high. All of its components ended positive. Sustenance above 30,500 is likely to keep outlook positive.
Bulls regained momentum in the Realty space, while Pharma index took a pause. Significant additions are visible at 13,800 put. It represents that till this month’s expiry, Nifty could consolidate at upper band with immediate support seen near 13,750.
Equity recommendations
Buy LIC Housing Finance near Rs 365
- Stop loss: Rs 350
- Target: Rs 395
- Recent decline found renewed buying interest near its 50-day EMA. Prior week’s recovery from the support zone indicates resumption of uptrend.
Buy Siemens near Rs 1,565-1,570
- Stop loss: Rs 1,515
- Target: Rs 1,670
- The stock is on the verge of breaking out of its recent peak. Positive follow through is likely to lift the stock towards Rs 1,670.
Buy OIL India near Rs 111-110
- Stop loss: Rs 105
- Target: Rs 121
- The stock is bounding off its immediate support. Gradually it could surpass levels of Rs 120.
(Amit Trivedi is CMT, Technical Analyst – Institutional Equities, YES Securities. Views are his own.)
