By Riyank Arora
On Tuesday, the benchmark index opened with a minor gap down of around 22 points and rose almost 100 points towards closing. The Nifty ended 74 points higher, while the Sensex was up by 349 points. Among sectors, the Nifty Media Index led the rally, with the banking stocks doing well.
Most of the IT stocks saw profit booking in today’s session. Technically, the market is trading well above its support level of 22,000. The major resistance lies at 22,250 levels. Overall, the trend remains positive and we can expect 22,300 and 22,350 coming in the near term.
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Snowman Logistics
BUY | CMP: 81.95 | TARGET: 92.50 | SL: 75.00
Rupee to trade between 83.60 – 84.10 in the near-term says CareEdge Ratings Momentum nowhere to be seen in Nifty this week, says Anand James of Geojit Financial Services Gold may see some profit taking but trend remains bullish says TradeBulls Securities Nifty to reclaim 25,000 next week, says Nagaraj Shetti of HDFC Securities
The stock has given a good breakout above its recent resistance mark of 79.25 with a sharp surge in volumes. The volume in today’s session was nearly 8 times the average 30-day volume. Strong momentum pickup is a positive signal for the stock, and it is expected that it should head higher towards the 92.50 mark, with a set stop loss below 75.
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eMudhra Ltd
BUY | CMP: 558.10 | TARGET: 605.00 | SL: 520.00
The stock has given a good breakout above its resistance mark of 534. Given the sharp surge in volumes and the overall trend being positive, it is expected that the stock should head higher towards 605 and above. With the ADX trading near 36, the momentum looks strong on the counter.
Sandhar Technologies
BUY | CMP: 542.55 | TARGET: 630.00 | SL: 490.00
The stock has broken out above its recent resistance zone of 520 to 532 and is now seen to be re-testing the breakout zone. With the overall risk reward being favorable on the buying side, the stock looks poised for a good upside move towards 630 in a short span of time.