The Nifty closed last week on a positive note but slightly below the two crucial resistance levels of 10,770, and 10,800. For bulls to regain control on D-Street, the index has to reclaim 10,818 levels this week to head towards 10,930 levels, experts said.

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It was indeed a roller coaster last week because the index witnessed selling pressure in the first couple of days, but managed to bounce back in the second half of the week.

Experts see the Nifty consolidating this week with a positive bias. “The bullish momentum is likely to continue as long as it holds above 10,550 levels.”

Since the last couple of weeks, the index has been vacillating in a range of 10,780-10,558 levels. “Considering the overall developments in the broader market, a possibility of breakout beyond 10,800 is on cards. But this move would probably be gradual in nature, towards 10880–10920 levels,” Sameet Chavan, Chief Analyst, Technicals and Derivatives at Angel Broking, said.

On the flipside, he sees 10,698 followed by 10,650 as immediate supports. “The optimism remains valid as long as index maintains its position above the 10,550 mark.”

Chavan reiterated his view on the bottoming out in pharmaceutical stocks. “Friday’s gigantic move in this basket certainly validates our contradictory stance.

Many stocks soared during the session but this is just a beginning, we expect a continuation of this strong move in this beaten down sector now.”

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Analyst: Sameet Chavan, Chief Analyst, Technicals, and Derivatives at Angel Broking

Lupin Ltd: Buy| LTP: Rs 810.05| Target: Rs 870| Stop loss: Rs 784| Return 7.4%

The entire ‘Pharmaceutical’ space was in the process of bottoming out since the last three weeks. Friday’s spectacular rally across the pharma sector clearly confirms this development.

‘Lupin’ has been one of the major draggers and has finally managed to give a decisive breakout with sizable volumes which is a bullish sign.

Looking at the daily chart, we can also see a possibility of a ‘Double Bottom’ in place. The volume participation provides credence to this move and hence, we recommend buying this stock for a near-term target of Rs 870 while traders can keep their stop losses below Rs 784.

Mahanagar Gas Ltd: Buy| LTP: Rs 847.85| Target: Rs 914| Stop loss: Rs 825| Return 7.8%

Since the last seven months, this stock has been experiencing severe selling pressure along with its peer counters. It looks like that selling pressure has abated but it retested its 12-months low during the process.

Now, with Friday’s move, we can see a confirmation of ‘1-2-3’ pattern on the daily chart. It is accompanied by significantly higher volumes, indicating strong buying interest in the counter after a long time.

Hence, one can look to go long on the stock for a target of Rs 914 by following a strict stop loss below Rs 825.

VIP Industries Ltd: Buy| LTP: Rs 430.85| Target: Rs 474| Stop loss: Rs 414| Return 10%

This midcap counter has been maintaining its sturdy structure as we can see a series of ‘Higher Top Higher Bottom’ formation in all time frame charts.

We can clearly see that its higher relative strength this time around because it never participated in the recent mayhem the entire ‘midcap’ universe experienced.

Last week, we witnessed a breakout from the ‘Inverse Head and Shoulder’ pattern on the daily chart around the neckline level of Rs 425.

Due to lack of follow up buying the stock prices consolidated above the breakout point. But, we interpret this as a breather and hence, one can look to go long for a target of Rs 474 by following a strict stop loss below Rs 414.

Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in

Century Textiles: Buy| LTP: Rs 943.55| Target: Rs 1040| Stop loss: Rs 900| Return 10%

After a drastic fall from the highs of Rs 1,250, this counter appears to have posted a bottom around the recent lows of Rs 882. The momentum appears to be slowly picking up with Hammer formation on the weekly charts and three positive closes in a row.

Initially, it may target Rs 972 but once it manages a close above this level it can head to test its gap zone present between Rs 1,036-1,058 levels registered on the 21st of last May.

Hence positional traders are advised to buy into this counter for a target of Rs 1,040 and a stop loss below Rs 900 on closing basis.

DLF: Buy| LTP: Rs 205.60| Target: Rs 220| Stop loss: Rs 197| Return 7%

Time and again this counter is attracting buyers around Rs200 levels and this time also at a recent low of Rs 195 it appears to have posted a short-term bottom and is now preparing itself for a pullback move towards its interim top of Rs 226 levels.

In between Rs 212 can act as a minor hurdle but once that is crossed, a swift move can be expected towards Rs 220 levels. Hence, positional traders should make use of this opportunity to go long for a target of Rs 220 and a stop loss below Rs 197.

TVS Motors Ltd: Buy| LTP: 580.20| Target: Rs 630| Stop loss: Rs 555| Return 8%

After retracing 62 percent of the up move from the lows of Rs 536 to Rs 610 levels, this counter appears to be positioning itself for the next leg of the upswing with a brief consolidation which should ideally lead to a retest of its 200-day EMA. Hence, traders are advised to go long for a target of Rs 630 and a stop loss below Rs 555.

Analyst: Rajesh Palviya, Head – Technical & Derivatives Analyst, Axis Securities

CARE Ratings Ltd: Buy| CMP: Rs 1,363| Target: Rs 1,426| Stop loss: Rs 1,300| Return 4%

On the weekly chart, the stock has observed a down sloping "Channel" breakout at Rs 1,330 levels on closing basis. This breakout is accompanied by rising volumes which indicates increased participation in the rally.

It has also broken out from 10-12 weeks multiple resistance levels placed at Rs 1,325 levels indicating a shift of trend to the upside.

The stock continues to sustain above its 20, 50 and 100-days SMA which support short to medium-term positive bias. The daily and weekly indicators such as RSI and Stochastic both are on positive zone which supports bullish sentiments ahead.

Indian Bank: Buy| LTP: 371| Target: Rs 392| Stop loss: Rs 349| Return 5.6%

With the current week close, the stock has broken out from its past seven months downsloping trendline breakout placed at Rs 350 levels on closing basis.

On the daily chart, the stock is trending on the upside forming a higher top and higher bottom formation indicating sustained uptrend.

On the daily chart, the stock is well supported by 20, 50, 100 and 200-day SMA which signals bullish sentiments in the near-term.

Minda Industries Ltd: Buy| LTP: Rs 1,270| Target: Rs 1,338| Stop loss: Rs 1,200| Return 5.3%

On the weekly chart, the stock is sustaining above its six-months down sloping Channel breakout levels of Rs 1,210 levels on closing basis.

In the past couple of trading sessions, it has gained strength from 20, 50 and 100 day SMA support zone which signals bullish sentiments ahead. Rising volumes signals increased participation on rallies.

Analyst: Dinesh Rohira, Founder & CEO, 5nance.com

Prakash Industries Ltd: Buy | Target: Rs 196 | Stop-loss: Rs 163 | Return 11%

Prakash Industries witnessed a sharp correction from a second higher top placed at Rs 218 levels in the last few sessions and slipped at Rs 158 zones which remained a crucial level for scrip.

Gradually, from this level, it witnessed a strong pullback indicating an end of the consolidation phase and decisively managed to close above its 200-day EMA of Rs 169 levels.

The scrip also witnessed a strong volume growth on the weekly basis over which it formed a solid bullish candlestick pattern indicating a strong reversal trend at the current level.

The weekly RSI trend registered an upward momentum although it remained at a neutral zone along with positive cue from MACD at the current level.

The scrip has a support at 152 levels and resistance level at 218. We have a BUY recommendation for Prakash Industries which is currently trading at Rs 176.65

PVR Ltd: Buy| Target: Rs 1,498 | Stop-loss: Rs 1,385 | Return 6%

PVR traded in a positive trajectory throughout the week after consolidating from Rs 1,400 zones towards Rs 1,270 levels. The scrip managed to pull back towards Rs 1,400 levels during a week gone by and managed to surpass above its 150-day EMA placed at Rs 1,360 levels on closing basis, indicating a positive momentum.

The scrip formed a strong bullish candlestick pattern on its weekly price chart indicating reversal momentum in its price which is further aided by volume buildup.

Further, a secondary momentum indicator witnessed a revival with weekly RSI level continuing in buying zone coupled with a positive cue on MACD.

The support level for scrip is currently placed at Rs 1,348 and resistance level at Rs 1,529. We have a buy recommendation for PVR Ltd which is currently trading at Rs 1,407.95

Infibeam Incorporation Ltd: Sell| Target: Rs 143 | Stop-loss: Rs 158 | Return 5%

Infibeam witnessed a series of consolidation on its daily price chart despite attempting to sustain the downward swing and slipped from Rs 169 to Rs 148 levels on the weekly basis.

Further, it breached downward from the crucial moving average level of 20-50-day and witnessed a negative volume support over a false breakout.

The scrip formed a solid bearish candlestick pattern on its weekly price chart after breaching below important level indicating a sustained pressure.

Further, the secondary momentum trend continued to indicate negative signal with RSI slipping below last week’s zone coupled with the bearish outlook from MACD trend.

The scrip is facing a resistance at Rs 173 levels and crucial support from 100-days EMA at Rs 139 levels. We have a sell recommendation for Infibeam which is currently trading at Rs. 151.20.

Disclaimer: The views and investment tips expressed by investment experts are their own and not that of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Source: Moneycontrol.com