Must Read: Three stocks that you can buy today
Last close: 5323
It was a choppy session witnessed in the markets on Thursday trade due to depressing June IIP data coupled with dismal corporate results, ended flat with marginal lose. Heavyweights like Tatamotors, Ranbaxy, SBI and Bharti Airtel weighed down the market. Capital goods and banking stocks too were under pressure while the buying in FMCG, power and technology stocks capped the downside. On charts nifty is trading near to its reversal zone so some correction can be expected. Nifty is likely to seek support around 5260-5220 and on the upside, face resistance around 5360-5380 for Friday.
ADANI PORT (LONG)
Last close: Rs 127
Target: Rs 132-135
On daily chart stock has formed the double bottom formation which indicates the bull is trying to enter from every low level. On Thursday, stock went up by 2% conclusively breached it’s near term resistance mark of 126 and manages to close above the same. Buy this stock for the upside target of 132-135 with SL of 123.50
HIND ZINC (LONG)
Last close: Rs 120.45
Target: Rs 125-128
Stock has formed the “Inverted Head and Shoulder" formation on daily chart which is bullish in nature. There is no as such pattern breakout but the movement of its consolidation indicates that there will be the strong spurt while the volume is also rising. So one can initiate long position for the upside target of 125-128 levels with SL of 117.50
Last close: Rs 565.85
Target: Rs 582-590
After registering the 52 week high of 612 levels, stock was corrected sharply & test 520 levels in short span with declining markets. There after it has started moving higher while forming the “Rising Wedge formation" on daily charts which is continuation pattern indicates that the old trend is intact and new move is going to start. So buy this stock for the upside target of 582-590 levels with SL of 557.
Source: Mudit Goyal, technical analyst, SMC Global
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