Buy Indraprastha Gas for a target of Rs 270: SMC Global
Last close: 4842
It was the rough session for the market with 80 points down in nifty on first day of June series, ended below 4850 due to weak global cues, on concerns over economic growth slowdown and subdued growth outlook for FY 2013. Nifty dragged down by rate sensitive, capital goods, power, auto, oil&gas and IT indices shed 2% each in last trade. Consider past few sessions, nifty traded sideways in range of 4800-5020, any breakout will be the decisive move for the markets. Support is seems to be around 4800 while the resistance may look around 4900-4930 for next session.
Last close: Rs 339
Target: Rs 325
Short term and medium term bias remains negative for this stock. It has formed the “Head and Shoulder" formation on daily charts which took around 2 months to form so the potential of downside is quite strong. Nature of formation is bearish and still trading below its important moving averages so sell this stock for the downside target of 325 with SL of 346.
Last close: Rs 133
Target: Rs 127-124
Short term and medium term bias remains negative for this stock. On Friday, stock went down by 5% and made all time low of 132 accompanied by above average volume and closed near its day’s low. So we anticipate further downside to reach our target price of 127-124 with SL of 136.
Last close: Rs 249
Target: Rs 270
Stock is continued to trade in downtrend from last 3 months. On Friday, stock surged by 29% on favourable Delhi high court order and conclusively breached its short term and medium term moving averages. So we anticipate buying momentum can continue for coming days while the RSI and other momentum indicators are featuring bullish. Buy this stock for the upside target of 270 with SL 238.
Source: Mudit Goyal, technical analyst, SMC Global
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