has closed above its resistance level of 15,050 on its weekly chart and gained more than 3 percent during the week. The gains in Indian markets were majorly led due to a rally in banking and financial stocks. The broader market indices outperformed the benchmark index on the back of foreign inflows this week. NIFTYPSUBANK and NIFTYREALTY remained the top gainers by gaining 7.02 and 6.72 percent each.
Nifty has immediate resistance at 15,350 and support is placed at 14.800. As long as Nifty holds above the level of 15,050 it is expected to test its lifetime high.
Here are few top picks for the week:
1. BUY: Mishra Dhatu Nigam Ltd (NS: ) (ABOVE – 209)
STOP LOSS: 195
This stock has given a trend line breakout on its weekly charts and is trading above its important moving averages. It is also supported by an insider bar pattern on its weekly charts. The stock has been in the consolidation phase on its daily charts. Any breakout above the level of 209 would add further upward momentum to the stock. Therefore, we recommend initiating a buy position above 209 with a stop loss of Rs. 195 and a target of Rs. 235.
2. BUY: Piramal Enterprises Ltd (NS: ) (ABOVE – 1751)
STOP LOSS: 1605
This stock has formed a reversal pattern on weekly charts and indicating a reversal on its weekly charts. 100 and 200 DEMA are also looking supportive. Any breakout above the level of 1751 is expected to add upward momentum to the stock. We recommend initiating a buy position above 1751 with a stop loss of Rs. 1605 and a target of Rs. 1910.
Disclaimer: The analyst does not hold a position in any of the stocks mentioned above.