Buy Biocon for a target of Rs 260: SMC Global
Last close: 5363
Nifty continued to trade in narrow range 5350-5380 throughout the session due to mixed global cues. It hovered around its previous closing value with the rally in reliance, L&T and auto stock on one side and selling witnessed in ITC, banks, metal and technology stocks on the other side. Nifty was trying to breach the resistance mark of 5400 but it could not be possible due to healthy profit booking visible in the last hour of trade. Once we get the breakout of 5400, then more upside can be expected till 5550-5600 for near term. Nifty is likely to seek support around 5310-5280 and on the upside, face resistance around 5400-5440 for Friday.
Last close: Rs 246.10
Target: Rs 256-260
Stock was consolidating in range of 230-255 levels from past few sessions which leads to form the lower highs and higher lows sort of “continuation triangle" on daily chart. On Thursday, Stock went up by 2.5% conclusively breached its important moving averages and also made long marubozu Japanese candlestick formation which indicates that buying is more aggressive at current level. All these technical evidences suggest buying for the stock for the upside target of 256-260 with SL of 241.
Last close: Rs 62.25
Target: Rs 66-67
Stock was remained under selling pressure resultant it to make a fresh 52 week low of 51.60 on 23rd July. There after it started moving higher while forming the lower highs and higher lows on daily chart. On Thursday, stock went up by 4% conclusively breached its 21EMA and 50EMA with above average volume. Therefore, one can initiate long position for the upside target of 66-67 with SL of 60.
Last close: Rs 137.60
Target: Rs 144
Stock is trading in the range of 120-138 levels from past few sessions on daily charts. On Thursday, stock went up marginally but has given the breakout of consolidation range and also forming the Bull Flag" formation in intraday chart. It is comfortably trading above its 200 EMA on daily charts which shows the strength of stock. Therefore one can make long position for the upside target of 144 with SL of 134.
Source: Mudit Goyal, technical analyst, SMC Global
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