Domestic benchmark indices were a bit volatile on Friday’s trade but remained optimistic throughout the week. Nifty concluded this week with a rise of 1.6 per cent after two weeks of decline. “The benchmark index Nifty gained over 1.5 per cent and reclaimed the 17,900 mark amid the positive global cues. Recovery in the world markets along with fresh buying by the FIIs in cash market boosted the local sentiments. On the lower end, Nifty took a dip near 17,500 and from there it recovered,” said Mehul Kothari, AVP – Technical Research, Anand Rathi. Here are 4 stock recommendations for Monday:
Buy range Rs 4,700-4,790 | Target: Rs 5,050 | Stop loss: Rs 4,450
The stock was trading in an inverse head and shoulder pattern from the last six months on the daily chart and has recently broken out and retested whereas, on the weekly timeframe, the scrip has broken out of a downward sloping channel pattern which will act as a confluence to the view. The super trend indicator (8, 2) is indicating the continuation of the bullish trend and the momentum oscillator RSI (14) is at around 67 showing strength by sustaining higher levels.