Indian markets have has been moving higher and testing fresh lifetime highs. We expect the bullish momentum to continue and
is expected to test its resistance level of 17,800.
gained the most by 2.63 and 1.75 percent each. The overall outlook of Indian markets appears to be constructive where every correction can be used as a buying opportunity. 17,500 and 17,800 are likely to act as resistance levels where support for Nifty has placed 17,200 and 16,900 levels.
Here are few top picks for the week:
1. BUY: Indiabulls (NS: INBF ) Real Estate Ltd (NS: INRL ) (ABOVE – 151.60)
STOP LOSS: 141.50
The stock has formed a flag pattern on its daily charts. The stock is consolidating near its trend line and has formed a reversal pattern on its weekly charts. Any breakout above the level of 151.50 would add further upward momentum to the stock. Therefore, we recommend initiating a buy position above Rs.151.60 with a stop loss of Rs. 141.50 and a target of Rs. 162.
2. BUY: Tata Steel Ltd (NS: TISC ) (ABOVE – 1461)
STOP LOSS: 1433
This stock has formed an ascending triangle pattern on its daily charts and taking support of its important moving averages. The stock has formed a Doji pattern on its weekly charts. Any breakout above the level of 1459 would add further upward momentum to the stock. Therefore, we recommend initiating a buy position above Rs. 1461 with a stop loss of Rs. 1433 and a target of Rs. 1494.
Disclaimer - Neither CapitalVia nor its analysts hold a position in any of the stocks mentioned above.
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