Nifty gave its highest ever daily & weekly closing previous Friday. The series of higher bottoms are quite evident on the adjoined weekly chart, asserting the primary uptrend. On the downside we notice the first short term support at 9980 regions, followed be 9880. On the upside we can see a significant double top resistance area at 10150-10200 regions & further up-move can be expected only if Nifty successfully manages to negotiate this resistance area in near future.
Metal stocks have outperformed the broader market & this trend is likely to continue further. Tata Steel happens to be the leader in this sector & is approaching its 7 year highest price. In fact it closed above 700 after a very long time indeed. We recommend buying Tata Steel at CMP with stop loss at 682 & target 745.
Britannia is a very steadily uptrending stock & poised for higher prices. This week, it gave a consolidation breakout from the levels of 4400, supported by good volume. We recommend buying on little pull back to 4500 odd levels with stop loss at 4280 on closing basis & target 4700.
This private sector banking stock has recently been on fire! The primary uptrend is very strong & on Friday, it closed at lifetime high price. Buy on little decline to 1070 levels with stop loss 1040 & target 1120.
This is yet another primary uptrending stock. It made a low at 560 regions in late September & henceforth resumed the uptrend such that the previous top at 655 regions become it first target. One can buy at CMP with stop loss 607.