By Riyank Arora
On Tuesday, the benchmark index broke out above its resistance level of 21,400. The Nifty ended 92 points higher while the Sensex was up by 230 points. Among Sectors, Nifty Oil & Gas led the rally with Healthcare and Pharmaceutical index doing relatively well and the Media Sector witnessing some profit booking. Technically, the market has been holding well above 21,300 mark. Immediate support for Nifty lies at the 21,300 mark. Overall, the market continues to remain buy on dips mode with upside potential towards 21,600 and beyond.
Stock Recommendations:
VPRPL (Vishnu Prakash R Punglia Ltd)
BUY | CMP: 217.25 | TARGET: 275.00 | SL: 195.00
The stock has touched the crucial trendline support of 205 in today’s session. It is trading well above all its important moving averages. With the stock continuously making higher highs and higher lows, the overall momentum looks strong for potential targets of 275 and above, with a stop loss placed slightly below the 195 mark.
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India Pesticides Ltd
BUY | CMP: 366.00 | TARGET: 400.00 | SL: 355.00
The stock has experienced a strong IPO Day High Breakout in today’s session. With the stock achieving a solid closing above the same, the overall momentum appears very strong for a potential upside of 10% from current levels, with a safe stop loss placed just below the 355 mark. Additionally, the stock is trading well above its 5 EMA and 9 EMA, indicating a very strong overall momentum.
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Kalyan Jewellers
BUY | CMP: 343.30 | TARGET: 375.00 | SL: 330.00
The stock had been moving in a narrow range for the past month and gave a significant breakout above its recent swing high resistance of 341 in Tuesday’s session. With the sharp volume pick-up and the stock trading well above all its important moving averages, it looks like the stock should head higher towards 375 and above in a spree of momentum rally.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
