Nifty (CMP: 10821)
Last week saw a volatile phase in Nifty where previous week’s low was taken out but it closed off its low, although the closing was 107 points lower than previous week. However, on a monthly basis, Nifty saw a minor loss of 21 points or 0.20%. And in spite of these, Nifty is still trading above major moving averages like 50, 100 & 200 day denominations & it puts the odd in favor of the bulls. This view will gain further confirmation if 10840 is conquered by the index sometimes next week.
Jubilant Food (CMP: 1386)
Riding on the strong fundamentals, Jubilant is surging ahead. The nature of the long term trend is steady & hence reliable. Short term support exists at 1350 regions and any pullback might be a good opportunity to go long in this FMCG stock.
(Sell) Dr Reddy’s Lab (CMP: 2235)
Although there is a recent strength, yet this pharma stock is a relative under-performer in the longer term & the primary downtrend is significantly strong. Keep short term stoploss at 2304 & sell Dr Reddy’s Lab on rise to 2265 regions for target 2150.
Bandhan Bank (CMP: 526.50)
We note this stock for its intermediate uptrend. Past few weeks saw a routine pull back which was in fact a buying opportunity. Buy on pullback to 520 levels with stop loss at 505 (on closing basis) & target 545.
Hexaware (CMP: 458)
Large-cap IT sector is seeing a strong demand & Hexaware is continuing in its primary uptrend. We recommend buying at CMP with stoploss at 440 & target 480.