By Riyank Arora
On Tuesday, the benchmark index consolidated between 21,350 to 21,500 zones. The Nifty ended 35 points higher while the Sensex was up by 122 points. Among Sectors, Nifty FMCG led the rally with Oil & Gas and PSU Banks doing relatively well and the IT Sector witnessing some profit booking. Technically, the market has been struggling to sustain levels above 21,500, facing constant selling pressure. Immediate support for Nifty lies at the 21,350 mark. Below this level, we can expect increased selling pressure in the indices. Any upside would only come if we surpass the 21,500 mark now.
Zydus Lifesciences Ltd
BUY | CMP: 685.85 | TARGET: 725.00 | SL: 660.00
Godrej Properties Ltd
BUY | CMP: 1976.60 | TARGET: 2235.00 | SL: 1900.00
The stock has experienced a strong breakout on its weekly charts and now appears to be re-testing its breakout zone. With the stock consistently forming higher highs and higher lows, it seems poised for a move towards 2235, with a protective stop loss set slightly below the 1900 mark.
Coal India Ltd
BUY | CMP: 366.95 | TARGET: 420.00 | SL: 337.50
The stock has experienced a strong breakout above a crucial resistance zone of 345 to 350. With the stock closing around the 366.95 mark and the overall positive trend supported by volumes, it appears poised for a rally towards 420 and above in the coming weeks, with a stop loss placed just below the 337.50 mark.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)