Bank Nifty traded positive throughout the session and outperformed the headline index. A sustenance could lift Bank Nifty towards 39,700-40,000 zone.
Meanwhile, breaking through the congestion phase, Nifty Metal index resumed its upward journey in uncharted territory. PSU Bank index managed to surpass its Feb’21 peak; sustenance could attract buying interest in selected public banking stocks.
Stock Recommendations for Monday
Buy near Rs 2,270-2,265
Stop loss: Rs 2,220
Target price: Rs 2,370
With a sustained move above important averages, bulls have regained momentum on the upside. A positive follow-up action could unlock further upside potential.
Buy
near Rs 1,040-1,030
Stop loss: Rs 1,005
Target: Rs 1,110
Snapping a five-week losing streak, the stock defended levels of Rs 1,000 during the recent decline. A positive follow-up is likely to lift the stock above Rs 1,100.
(Amit Trivedi is CMT, Technical Analyst – Institutional Equities at YES Securities. Views are his own)