By Riyank Arora
On Tuesday, the benchmark faced immediate resistance at the 19,425 mark. The Nifty ended 5 points lower, while the Sensex was down by 16 points. Among sectors, almost all the major sectoral indices witnessed significant buying interest at lower levels, whereas the Nifty Reality and Nifty Media sectors witnessed some profit booking at higher levels. Technically, after a flat opening, the market moved in a range of 100 points between 19,325 and 19,425. Any move above 19,450 should trigger the next up-move and push the upside towards 19,550 and 19,600. Immediate support is expected to be around 19,325, below which the downside can extend towards 19,200 and 19,150.
Stock Recommendations:
GODREJ PROPERTIES
BUY | CMP: Rs 1764.60 | TARGET: Rs 1950 | SL: Rs 1675
The stock has retested its breakout level of 1765. With the overall structure being positive and the stock trading near the trendline on its hourly chart, the overall risk-reward looks favorable on the buy side at the current market price for a target of around 1950, with a strict stop-loss near 1675.00.
IDEAFORGE TECHNOLOGY
BUY | CMP: Rs 873.50 | TARGET: Rs 960 | SL: Rs 830
The stock has given a good breakout above the downtrend line on daily charts, witnessing a positive trend change. With the overall structure being positive and the stock seeing good buying at lower levels, the stock is poised for a rally towards 960, with a strict stop-loss near 830.00.
OBEROI REALTY
BUY | CMP: Rs 1210.55 | TARGET: Rs 1360 | SL: Rs 1150
The stock has given a strong breakout above the crucial resistance zone of 1195 – 1205 and is now retesting the breakout zone. Strong volume build-up has added to the momentum and strength in the stock, and it seems poised for a rally in the coming weeks with a target of around 1360, supported by a strict stop-loss near 1150.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)