Nifty Bank continued its underperformance for the consecutive sixth session. The banking index failed to close above 33,000 mark. Metals continued to shine, up ~10 per cent in the week. FMCG index snapped its 3-week losing streak. A positive follow-up action could attract some outperformance. Infrastructure index is holding ground; stock specific rally within this space could continue.
RECOMMENDATIONS
Buy Minda Corporation Ltd near Rs 107
Stop Loss: Rs 103
Target Price: Rs 117
A positive breakthrough out of the recent consolidation phase on a comparatively higher volumes warrants a positive outlook on the stock.
Sell Jubilant FoodWorks May future near Rs 2,770
Stop Loss: Rs 2,850
Target Price: 2,620
A failed recovery indicates the influence of resistance at play. A negative follow-up action could drag the stock below last month’s low.
(Amit Trivedi is CMT and Technical Analyst – Institutional Equities at YES Securities. Views are his own)
