Nifty 50 index kicked off the week on firm note and surpassed the crucial psychological mark of 8,900 for the first time since March 2015. The 50-share index closed 133.35 points up at 8943. In the Nifty index, Tata Motors, Axis Bank, Tata Motors DVR, YES Bank and ICICI Bank gained between 4.24 per cent and 6.90 per cent. On the other hand, TCS, Coal India, Tata Power, UltrTech Cement and SunPharma slipped between 0.28 per cent and 1.21 per cent. Below are three technical calls given by Guduru Rajagopal Reddy, director- marketing at Alankit Assignments:
Aditya Birla Nuvo (Buy)
Current market price (CMP): Rs 1377:Target: Rs 1470, Stop loss: Rs 1,340
Why Buy: stocks intermediate range have more chance to break out for further raise.
CMP: Rs 1696, Target: Rs 1800, Stop loss: Rs 1650
Why Buy: stock’s present level at all time high range may lead to price breakout.
Adani Port (Buy)
CMP: Rs269, Target: Rs295, Stop loss: Rs 260
Why Buy: Stock was at after bullish engulfing pattern which leads stock to raise to next level.