After spending most of the week under profound selling pressure, Nifty came back with roaring bull power towards later half of the week and in fact it closed at another life high. Looking back, we identify a five consecutive week of rise in this index. The next week however, sets off with a potential bad news of GDP growth hitting a 4 year low at 6.5%. We observe that 10400 serves as make-or-break zone for the bulls next week & a pullback could present buying opportunity with that level as stop loss.
Metal stocks are indeed flying high! JSW Steel gave a multi-month breakout previous week & is poised for continuing the momentum. We recommend buying it on little retracement at 280-278 zones with stop loss at 264 on closing basis & target 310 over next few weeks.
This private bank saw a major push up last Friday & closed at its two month high. Longer term charts suggest termination of a pullback phase & likely resumption of primary uptrend. We therefore recommend buying Yes Bank @ 328-325 regions with stop loss at 315 & target 352.
In spite of the 3 week retracement phase in this major auto stock, the primary uptrend is not dented at all & it is also likely to resume any time soon. We recommend buying Maruti 9535 with stop los at 9360 for a potential target of 10000 in the next fortnight.
This cement manufacturing stock is also within a primary uptrend but at present going through a pullback phase, which again is likely to give way soon. One could therefore buy Dalmia Bharat above 3145 with stop loss at 3070 for a target 3255.
