Indian benchmark Index Nifty50 snapped 5 days of winning streak to shut shop marginally in the red last Friday, following another high intraday volatile session. Bulls were unable to push the index beyond the immediate hurdle of 18,300-18,350 which led to minor profit booking. Therefore, for the coming week, this range of 18,300-18,350 will be an area of test for the bulls and a failure to push the Index beyond this could trigger deeper corrections dragging the Index lower to levels of 18,100-18,000. Moreover, a sustained trade below 18,000 could drag it lower to 17,900. On the flip side, a trade above 18,350 will resume the uptrend taking the Index to 18,500-18,600 levels.
Equity recommendation
BPCL | Buy @ CMP of Rs 398
Target: Rs 418
Stop Loss: Rs 388
The stock is on the verge of a breakout from a trendline resistance and narrow consolidation phase, suggesting bullishness building up. Further, volumes have been good leading up to the breakout. Technical indicators are also favoring the same.
Jindal Steel | Buy @CMP of Rs 418
Target: Rs 445
Stop Loss: Rs 404
The stock has broken out of a narrow consolidation phase on good volumes suggesting bullishness. RSI has also turned upwards after taking support at the lower end of the bull zone.
(The views of the author, Aditya Agarwala, Senior Technical Analyst, Yes Securities, are his own.)
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