Nifty (CMP: 10859)
Previous few sessions, especially the post assembly election in three major states, saw a phase of increased volatility in Nifty where it repeatedly closed above & below 200 day moving average. Market breadth has however returned to positive and that puts the odd in favor of continuation of the bullish trend, albeit with some intermittent phase of correction. The outlook for next week remains positive as long as it keeps above 10740 regions as the previous resistance is now expected to serve as support.
(Sell) Reliance Inds (CMP: 1125)
Reliance Inds has been one of the laggards in recent periods. We find the occurrence of a Shooting Star formation on the daily chart of Reliance, which is a sort of bearish reversal pattern in the present scenario, given that it occurs below 100 day average. Short term resistance exists at 1147 & 1160 regions and any pullback might be a good opportunity to go long in Reliance Inds.
Hindusthan Unilever (CMP: 1822)
In the daily chart of Hind Unilever, as shown here, we notice a series of higher bottom formation & that too happens after a significant testing of 100 bar average on daily chart, which adds credibility to the uptrend. Buy either on pull back to 1795 regions with stop loss at 1760 and target 1850 or buy above 1837 with stop loss at 1815 and target 1890.
(Sell) Indiabulls Housing Finance (CMP: 849)
We note this stock for its weakness as when Nifty & most other stocks are trading above their respective 50-, 100- & 200- day averages & displaying strength, Ibul Housing Finance is witnessing significant selling pressure & staying below most important moving averages. Past few sessions saw a routine pull back which is in fact a selling opportunity. Sell Indiabull Housing below 832 with stop loss at 860 & target 789.
HDFC Bank (CMP: 2122)
After a hiatus, this private sector bank is coming back to life! Last Friday, it tested its triple top resistance zone at 2139 regions, although could not clear it. Buy above 2140 with stop loss at around 2100 levels and target at 2200.
