By Riyank Arora
On Tuesday, the benchmark index held strongly above the 20,500 mark. The Nifty ended 168 points higher while the Sensex was up by 431 points. Among Sectors, almost all the major sectoral indices witnessed good buying interest whereas the Nifty IT and Nifty Media sector remained slightly under pressure. Technically, post a gap up opening the market moved in a range of 100 points between 20,700 to 20,800 and moved over 50 points in the second half, closing around 20,855.10. Going forward, any pull-back towards 20,800 should offer a good buying opportunity for an up-move towards 20,900 and 20,950.
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Stock Recommendations
NBCC (India)
BUY | CMP: 77.10 | TARGET: 95 | SL: 70
The stock has given a strong breakout above the critical resistance level of 74.35 and closed around 76.10 following the successful breakout. With the stock re-testing its breakout zone and indicating signs of reversal, it’s a confirmation signal for the stock which indicates good strength and momentum. A sharp momentum pick-up can be expected going forward in a few weeks on NBCC.
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VPRPL (Vishnu Prakash R Punglia)
BUY | CMP: 204.55 | TARGET: 250 | SL: 189
The stock is consolidating beautifully, moving in a parallel channel. The immediate support, as per the channel, is at 190, and the stock looks poised for a good up-move towards 250. Over the last four days, the stock has been moving in a narrow range of 10 points between 200 to 210. Any surge above 210 should bring in sharp momentum for the stock, pushing the rally towards the 235 and 250 marks.
TV18 Broadcast
BUY | CMP: 52.20 | TARGET: 60 | SL: 47
The stock has experienced a strong multi-year breakout above its important resistance level of 51.60 and managed to close around the 52.20 mark. The sharp rise in volumes in the past three days has added momentum and strength to the counter, indicating signs of a sharp up-move towards the next overhead resistances of 58 and 60. The stock has broken out, forming a ‘W Pattern’ on its daily charts.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
