managed to hold its bullish stream ending the week on a positive note. The index after rallying almost ten percent after the budget witnessed consolidation phase in the week gone by ending the week with a gain of around one and a half percent. On the sectoral front, except FMCG, media and pharma, all other indices ended the week on a positive note led by IT which gained around 3 percent.
Nifty sustained above 15,000 level but is facing strong resistance around 15,250 - 15,300 zone. Any breakout above this level would add further upward momentum to the index. On the lower side, below the 15,000 level, the index could retrace the level of 14,850. A range-bound movement could be seen in the index till a breakout is witnessed on either the sides. For Bank Nifty , 37,500 to 38,500 is the next resistance zone while the support remains at 34000 below which reversal could be expected. Traders are advised to trade cautiously with strict stop-loss.
Here are few top picks for the week:
1. BUY: Polycab India Ltd (NS: POLC ) (ABOVE – 1341)
STOP LOSS: 1259
This stock is trading near to its all-time high where key indicators are showing strength for a positive movement in the stock. The stock is trading above its 21 50, & 200-days EMAs. Any breakout above the level of 1340 would add further upward momentum to the stock. Therefore, we recommend initiating buy position above Rs.1341 with a stop loss of Rs.1259 and a target of Rs.1448.
2. BUY: Shriram Transport Finance Co. Ltd. (NS: SRTR ) (ABOVE - 1480)
STOP LOSS: 1370
This stock has formed pennant pattern formation on its daily charts and facing strong resistance at Rs.1480. Momentum Oscillator RSI is showing positive strength in the stock It is trading above its important moving averages. Any breakout above the level of 1480 would add further upward momentum to the stock. Therefore, we recommend initiating buy position above Rs.1480 with a stop loss of Rs. 1370 and a target of Rs. 1610.
Disclaimer: The analyst does not hold a position in any of the stocks mentioned above.
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