According to Geojit BNP Paribas Financial Services, early positive bias may deflate if Nifty unable to float above 8200. Downsides above 8,244 or fall below 8,000 could unleash directional moves, both of which are less expected though.
Technical bets by the brokerage house:
1) Pidilite Industries:
Target: Rs 725
Stop-loss : Rs 684
Comment: The stock has been witnessing profit- booking for more than a week and seems to have found a base around Rs 688. A reversal towards Rs 725 is likely supported by momentum indicators.
2) Jubilant FoodWorks
Targets: Rs 1,090 / 1,125
Stop-loss : Rs 1052
Comment: The stock has broken above the resistance of 1,073 and poised to move up. The volumes have moved above the 10 day average. Momentum indicators are also supporting continuation of uptrend. MACD has crossed the signal line from below.
3) Cox & Kings
Targets : Rs 167 / 171
Stop-loss: Rs 160.5
Comment : The ongoing reversal from around Rs 150 is still intact. Momentum oscillators are also supporting further upside. MACD has crossed the signal line from below favouring uptrend to continue.