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Indian markets have witnessed range-bound movement for more than a month now. However, going forward we might witness strong momentum on the back of quarterly results which might give the benchmark index enough strength to surpass its psychological resistance level of 16,000. If this happens, 16,200 and 16,400 would be the levels to watch for. As long as Nifty holds itself above the level of 15,450 we expect the overall trend of the market to remain bullish.
Here are few top picks for the week:
1. BUY: Dalmia Bharat Ltd (NS:DALB) (ABOVE - 2311)
TARGET: 2518
STOP LOSS: 2109
This stock has formed an insider bar pattern on its weekly charts and signaling bullish strength. It has also formed a hammer-like structure on its weekly charts. Any breakout above the level of 2310 would add further upward momentum to the stock. Therefore, we recommend initiating a buy position above 2311 with a stop loss of Rs. 2109 and a target of Rs.2518.
2. BUY: FDC (NS:FDC) (ABOVE – 389)
TARGET: 405
STOP LOSS: 377
This stock is witnessing resistance around the level of 389 and taking support of moving averages on in its daily charts. Any breakout above 389 is expected to add upward momentum to the stock. We recommend initiating a buy position above 389 with a stop loss of Rs. 377 and a target of Rs. 405.
Disclaimer: The analyst does not hold a position in any of the stocks mentioned above.
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