Buying opportunity in banking stocks
- APLLTD - Above 968 with a target of 998 and Stop loss of 939. It is trading in a sideways channel and has recently breached an important resistance level.
- BIOCON - Above 410 with a target of 425 and Stop loss of 399. It has a support of 8 and 40 DMA.
- COFORGE - Above 3000 with a target of 3120 and Stop loss of 2920. It is an upward trending channel and on the verge of a breakout.
- GSPL - Above 272 with a target of 259 and Stop loss of 285. It has a support of 8 and 40 EMA.
- ADANIPORTS - Above 718 with a target of 740 and Stop loss of 696. It has reversed from the support of 8 EMA.
Mumbai: As expected, the same thing happened in the market today. The formation of a Bullish Harami served as a powerful reversal formation for the market. The Sensex crossed 50,200 level in intraday session and closed at 50,136.58 points. Today, all sectors except Bank Nifty and auto stocks performed well.
"Tomorrow we would see some increase in bank stocks, mainly because the Bank Nifty closed above the level of 33,700 points. Bank Nifty can go up to 34,500/34,700. If the Bank Nifty performs, the Sensex could move closer to 51,200 and 51,600 levels," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.
On the other side, Sensex would find major support at 50,700 and 50,400 levels. Buy between 50,750/50,650 and for that keep a stop loss at 50,300, he said.