Amidst large scale volatility, especially towards the closing of the week, the broader index maintained its series of six consecutive weekly gains & closed at yet another life high. Though the index is grossly overbought (as indicated by a host of momentum oscillators), yet prices are at present being driven by sheer liquidity & it might therefore not be prudent to bet against the prevailing bullish trend. The zone of 10560 to 10580 serves as a support zone for next week and an intermediate pull back could be expected only upon successful violation of these levels downwards.
We believe the primary uptrend is ripe for resumption in this major auto-maker scrip. One could therefore buy Maruti above 9500 with stop loss at 9300 & a target 9900.
This IT behemoth is one of the outperformers among its peers. The uptrend is pretty straight forward & the current pull back might be a good buying opportunity. Major supports exist at 2620 levels. Buy on decline to 2750 regions.
This chemical & textile sector stock is exhibiting a nice uptrend & on Friday, SRF gave a nice breakout also to its lifetime high. We recommend buying this stock on little decline to 1980 regions with stop loss at 1935 (by closing) & target 2100.
We had recommended this stock earlier as well and the secular uptrend continues unabated since long. On Friday, it yet again broke out from its one month consolidation zone & closed at life high. One can buy it at CMP with stop loss at 312 & target 345.
