Nifty (CMP: 10618)
After 5 weeks of consecutive rise, Nifty falls for the 1st week but still continues to maintain above all the major moving averages, which is a significant sign of strength.
However, for the intermediate uptrend to survive, Nifty now must not close below 10530 regions which happen to be the low of the past two weeks. Another strong argument for the bulls’ camp is that the index for the first time in 2018, has registered a higher top formation on daily chart only last week.
Going forward, we expect the volatility is likely to continue & the Midcap stocks are poised to outperform their large cap peers.
Jubilant Food (CMP: 2565)
Riding on the strong fundamentals, Jubilant Food is surging ahead & making a new life high almost on regular intervals. The nature of the trend is steady & hence reliable. Short term support exists at 2520 & 2432 regions and any pullback might be a good opportunity to go long in this FMCG stock.
Mahindra & Mahindra (CMP: 854)
With Auto index remaining a relative outperformer, Mahindra & Mahindra is making new life highs regularly & it is a strong buying candidate in this sector. Keep short term stop at 838.
LT (CMP: 1368)
This evergreen infrastructure & engineering sector stock is exhibiting an extremely strong primary uptrend. We recommend buying LT on pullback at CMP with stoploss at 1330 & target 1410.
Indusind Bank (CMP: 1884)
Private Banking sector is seeing a strong demand & Indusind Bank is continuing in its primary uptrend. We recommend buy at CMP with stoploss at 1846 & target 1968
