By Riyank Arora
On Tuesday, the benchmark index opened gap up by almost 150 points and gave up most of its gains towards the end of the day. The Nifty ended 32 points higher, while the Sensex was up by 31 points. Among sectors, Nifty Reality led the rally, with the Healthcare index performing relatively well and the Media Sector witnessing good selling pressure. Zee Entertainment was the top contributor to this weakness in the Media Index. Technically, the market has been holding well above the 21,500 mark. Immediate support for Nifty lies at 21,500. Overall, the market continues to remain in buy-on-dips mode, but any breakdown below 21,500 would be considered a trend change.
Stock Recommendations
Snowman Logistics Ltd
BUY | CMP: 74.50 | TARGET: 90.00 | SL: 67.50
Given the overall trend in logistics companies being positive, Snowman Logistics is looking like an attractive buy at current levels. The stock has experienced a significant breakout above its recent resistance zone of 73 to 75. Any pullback towards the same would be considered a good buying opportunity, with a stop loss placed below the 67.50 mark.
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Patanjali Foods Ltd
BUY | CMP: 1684.40 | TARGET: 1830.00 | SL: 1600.00
The stock has experienced a significant breakout above its recent resistance zone of 1650.00 to 1665.00. The stock rose almost to the 1713.80 mark and witnessed some profit booking there. With the overall trend continuing to be on the positive side and the stock also having re-tested its breakout level of 1665, it appears to be a good buy at current levels with a stop loss placed below 1600, targeting potential levels of 1830 and above.
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IEX – Indian Energy Exchange Ltd
BUY | CMP: 162.85 | TARGET: 185.00 | SL: 154.00
The stock has experienced a significant breakout above its resistance level of 164 and has also re-tested the same. With the overall trend being positive and the stock attracting good buying at lower levels, it seems poised for a substantial upside move towards 185 and above in a few weeks. A strict stop loss should be placed below 154. It is expected that IEX is likely to pick up momentum in the coming weeks.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
