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BUY GRASIM | CMP: Rs 1,401 | Target: Rs 1,600-1660 | Stop Loss: Rs 1,220 The stock, after the recent correction, has bottomed out near 1260 levels and has currently picked up momentum to move past the significant 50-EMA level of 1315 to improve the bias. The chart looks attractive and, with the RSI also improving with a trend reversal, the indicators suggest strength to signal a buy. We advise to buy and accumulate this stock for an upside target of 1600-1660 keeping the stop loss of 1220. BUY BHARAT FORGE | CMP: Rs 610 | Target: Rs 700-720 | Stop Loss: Rs 560 The stock has bottomed out near 560 levels after forming a double bottom pattern in the daily chart and has currently picked up momentum to move past the significant 50EMA level of 596 to improve the bias. The stock has potential to rise further till 660 levels and, with the RSI also improving the bias and indicating strength, and we anticipate a decent upmove from hereon. We suggest to buy and accumulate thi ....
Nifty outlook Market traded lower amidst profit booking on Friday as global sentiments were subdued along with spike in Covid-19 cases domestically, which pushed index lower. Nifty closed at 14,631.10, slashing 263.80 points. Banks, financial and FMCG stocks traded with negative sentiments whereas Pharma sector closed in the green. Nifty bank closed at 32,781.80, losing 932.70 points from the previous day’s closing. As per weekly option data, significant call writing on higher strikes ranging from 14,700 to 15,000 is witnessed, which shows Nifty might take resistance in the zone of 14,800 as maximum call OI placed here after 15,000. We can witness profit booking only if Nifty breaks level of 14,500. Therefore, traders should try to create short position keeping close eye on 14,800. ....
Nifty outlook On April 13, 2021, Nifty formed inside bar or bullish “Harami” candlestick pattern on the daily chart, where the open and close remained within the range of the previous trading session .The implication of this pattern turns bullish when next session’s opening remains in green. On the upside, Nifty has got strong resistance in the zone of 14,652-14,785, which happens to be the unfilled gap formed on April 12, 2021. Longs should be protected with the stoploss of 14,275 in Nifty. Recommendations Buy HEROMOTOCORP (Rs 2,868): | Target: Rs 3,090 | Stop-loss: Rs 2,800 The stock has formed bullish “harami” candle stick pattern on the daily chart. Daily RSI has also exited from the oversold zone, which indicates the chances of sharp pullback in the counter. This week, the stock price formed bullish “double bottom” formation at 2,740 odd levels and reversed the trend toward north. ....