The broader index rose 117 points or 1.19% on weekly closing basis. It is also the highest closing in the preceding 4 weeks. Tuesday’s price of 9796 is now the make-or-break point for the short term uptrend in Nifty, which if holds in near future, we may see higher prices going forward.
We notice a Morning Star formation on the weekly chart of Yes Bank, which nicely coincides with the pull back phase within a primary uptrend & in fact points out the end of the pull back phase. We recommend buying Yes Bank @ CMP with stop loss at 1686 & target 1900.
CESC is undoubtedly one of the biggest outperformers in the broader market for the past several weeks & that was evident once again last Friday when it closed at yet another life high. Buy at CMP with stop loss at 999.
ITC is still languishing of its huge mid July fall but since then, it has put up a remarkable resilience and recovering slowly but steadily. We identify ITC as a bit longer term play with stop loss at 270 and targeting for 320. Buy at current price.
This NBFC stock is another outright bullish one and warrants a buy. One should buy on little retracement to 890 regions and put the stop loss at 860 while the potential target is 954.