Nifty climbed to hit a fresh record high of 15,836 on Friday. Nifty made a gap-up start, however, the headline index erased the early gains, eventually forming an indecisive candle as Nifty ended at 15,799, up 62 points from the previous close. Shifting the range higher, levels of 15,650 could turn out as the immediate floor, whereas, a sustenance above 15,800 could unlock further upside potential in the index, till 15,880-15,970 levels.
Snapping the three-week winning streak, Bank Nifty lost 0.8 per cent in the week gone by. A Sustenance above 35,000 is required to regain the upside momentum.
FMCG index rallied for the third straight week and a stock specific rally within this space is likely to continue.
Recommendations:
Buy near Rs 1,370
- Stop loss: Rs 1,340
- Target price: Rs 1,430
For the past couple of weeks, the stock has been gradually rising, appearance of a bullish candle indicates immediate support near Rs 1,350 and a short term rally could continue in the counter till Rs 1,430 zone.
Buy near Rs 650
- Stop loss: Rs 630
- Target price: Rs 690
A decisive breakthrough above the recent high could mean, shift of range on the upside.
(Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities)
