In case if it closes above Rs 425 then a fresh buying should be considered for a target of Rs 490 whereas a breakdown below Rs 380 on a closing basis.
After witnessing correction last week from the higher end of the range, it looks prudent to exit this counter on rallies around Rs 350 levels and re-enter only on a breakout above 365 on a closing basis.
Long-term investors can buy into this counter with a stop below Rs 305 on a closing basis.
Investors can hold the stock with a stop below Rs 2,120 on a closing basis and exit on rallies towards Rs 2,700.
The projections of the breakout indicate stock has the potential of rallying towards its potential target of Rs 1220 levels in the medium term.
The stock can be bought in the range of Rs 535 -540 for targets of Rs 565-580, and keep a stop loss placed below Rs 519.
On the weekly chart, it has taken support at the 127% Fibonacci extension level. A sustained trade above Rs 196 will extend the rise to levels of 207- 216.
The stock can be bought in the range of Rs 840-850 for targets of Rs 900-930, keeping a stop loss placed below Rs 800.
Any break above the Rs 1,390 levels will once again add further buying momentum in the stock as positive divergence on the secondary indicators also supporting the next up move.
Traders can accumulate the stock in a range of Rs 345-350 for the upside target of Rs 382 and a stop loss below Rs 323.
The stock has also given a breakout above the falling trend line of the downward sloping channel on the daily interval charts.
A sustained trade above 11,050 can extend the upmove towards levels of 11,175-11,250. However, a trade below the double bottom - 10,925 - can trigger a correction to 10,900-10,865 levels.
The rally which pushed Sensex to record highs was just handful of largecap stocks while most well-known stocks in the broader market were hitting 52-weeks low.
Immediate support for the Nifty is seen around 10,800 and 10,600 levels, whereas 11,200 will act as stiff resistance, says Abhishek Mondal of Guiness Securities.
Mitessh Thakkar of mitesshthakkar.com suggests buying Adani Power with a stop loss below Rs 20 and target of Rs 23.50, IndusInd Bank with a stop loss of Rs 1892 and target of Rs 1930 and Nestle India with a stop loss of Rs 10280 and target of Rs 11000.
The Nifty is likely to trade with a positive bias and move toward its all-time highs in coming sessions.
We recommend selling United Spirits for the downside target of Rs 534, keeping stop loss at Rs 600, says Vinay Rajani of HDFC Securities.
We recommend selling Raymond for the downside target of Rs 760, keeping stop loss at Rs 875, says Vinay Rajani of HDFC Securities.
We recommend buying Reliance for the upside target of Rs 1140, keeping stop loss at Rs 1040, says Vinay Rajani of HDFC Securities.
“The Nifty has to sustain above 11,020 levels, to extend the rally towards 11,395. A breach of 10,900 on a closing basis would be sign of a bearish trend reversal,” says Vinay Rajani of HDFC Securities
We recommend using any intraday bounce to create fresh shorts in the range of Rs 1,288-1,294 for target of Rs 1240, says Jayant Manglik of Religare Broking.
We feel traders shouldn’t miss this chance and accumulate fresh long in the range of Rs 555-560 for target of Rs 590, says Jayant Manglik of Religare Broking.
Traders are advised to create fresh short positions in the range of Rs 215-218. It closed at Rs 212.40 on July 16, 2018. Sell July futures for target of Rs 195, says Jayant Manglik of Religare Broking.
Most brokerage firms expect the move to impact demand for newer vehicles and remain an overhang on Ashok Leyland and Tata Motors in the short term till clarity emerges