The on-going rally in the stock of VIP Industries can continue in the short term. Following a short-term downtrend from the 52-week high of ₹421 recording in early March this year the stock found sup
Read more about Nifty outlook and stock picks by Sameet Chavan: Buy Balrampur Chini, Pfizer on Business Standard. The deciding factor in days to come has to be the financial space
Read more about Top trading ideas by Anand Rathi Shares: Buy Bandhan Bank, HCL Tech on Business Standard. At current juncture, Bandhan Bank s stock is hovering just above the clusters of moving averages on daily chart
Nifty outlook Nifty has been taking support at its 5-day EMA and holding the short-term trend on the upside. The primary trend of the market is up, but although momentum is diminishing for the last couple of days, as far as Nifty is concerned. However, unless Nifty breaks the near-term support, which is placed at 15,200, traders should continue to hold on to their long positions. Short-term resistance for the Nifty is seen at 15,470-odd levels.
Stock recommendations
Buy CANFIN HOMES (Rs 514): | Target: Rs 580 | Stop-loss: Rs 469 The stock price has broken out from medium-term downward sloping trend line on the weekly chart. It has broken out from the last 12 weeks narrow price consolidation. Volumes have been rising gradually along with price rise. The primary trend of the stock has been bullish with higher tops and higher bottoms. Moreover, the stock has been trading above all important moving average parameters. Indicators and oscillators like RSI, MACD and DMI have turned
Last Close – Rs. 1315
Justification – This gold financing giant has been one of the rank outperformers over the past few years. It is very rare to see any kind of significant correction in the counter and even if it happens, investors just pounce on it to add to their portfolios. After a smart V-shaped recovery from March fiasco, the stock prices went into a consolidation mode, and the range was very much confined. With last week’s smart rally, the daily chart now exhibits a ‘Range Breakout’ and since the move is accompanied by decent volumes, we expect the rally to extend in coming days. Traders are advised to buy on a decline towards 1,290 – 1,270 for a target of Rs1,445 in coming weeks. The stop loss can be placed at Rs.1,210.