The benchmark indices fell slightly after a rangebound session on November 7, while the broader markets outperformed. The benchmark Sensex fell 16 points to close at 64,942, while the Nifty50 slipped 5 points to end at 19,407. However, the Nifty Bank index rallied 119 points to close at 43,738, and the midcap index gained 113 points to finish at 40,050.
The Nifty is near the 19,440–19,460 resistance zone. Above 19,460, a short-covering move is expected towards 19,550. An immediate support level is seen at 19,330, while 19,220 looks to be a key support level. The overall texture is still 'buy on dips'.
Bank Nifty closed above the 20-DMA or 43,700. If it sustains above this, we can expect a move towards 44,000–44,200 zone. On the downside, 43,300–43,200 is a support zone.
Here are three buy calls for next 2-3 weeks:
Ircon International: Buy | LTP: Rs 152 | Stop-Loss: Rs 137 | Target: Rs 180 | Return: 18 percent
It is witnessing a breakout of a triangle formation to resume its upward trend on the daily chart, while Rs 135–138 area has become a strong demand zone. The structure of the counter looks lucrative, as it is trading above all its important moving averages.
Both the RSI (relative strength index) and MACD (moving average convergence divergence) indicators are supportive of the current strength of the stock's momentum.
On the upside, Rs 164 is an important psychological level; above this, we can expect a move towards Rs 180+. On the downside, a cluster of moving averages at around Rs 137 is a strong demand zone during any correction.
Bikaji Foods International: Buy | LTP: Rs 520 | Stop-Loss: Rs 480 | Target: Rs 580 | Return: 11.5 percent
The counter has come out of its multi-month consolidation with huge volume. It also witnessed a breakout of an Inverse Head and Shoulders pattern formation on the daily chart. After that, it has shown a profit booking, retested its last breakout levels at around Rs 450, and started a new leg of rally towards Rs 600. The structure of the counter looks lucrative, as it is trading above all its important moving averages.
The momentum indicator RSI is also positively poised, whereas MACD is supporting the current strength.
On the upside, Rs 540 is an important psychological level; above this, we can expect a move towards Rs 580+. On the downside, a cluster of moving averages at around Rs 480 is a strong demand zone during any correction.
Mankind Pharma: Buy | LTP: Rs 1,794 | Stop-Loss: Rs 1,675 | Target: Rs 2,044 | Return: 14 percent
It is witnessing a breakout of bullish Pennant formations to resume the uptrend. It is also forming a long consolidation formation on the daily chart. However, Rs 1,700–1,600 area has become a strong demand zone. The structure of the counter looks lucrative, as it is trading above all its important moving averages.
On the upper side, Rs 1,850 is an immediate resistance; above this, we can expect a big move till Rs 2,000+ in the shorter time frame, while on the downside, Rs 1,675 is the demand zone for any correction.
The momentum indicator RSI is also positively poised, whereas MACD is supporting the current strength.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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