Indian equity benchmark index Nifty50 ended 1 percent higher for the previous week, snapping previous week losses as the sentiment turned positive amid reports that the government may roll back higher FPI tax. The market also turned hopeful expecting some respite from the government after RBI cut the policy rate by 35 bps while underlying trends in Q1 FY19-20 results and the domestic economy remained weak.

Share Market Live

NSE

Going ahead, Nifty may trade with a bullish bias if it sustains above 11,100 levels, in the current scenario, said Karvy broking in a report.

For the week ahead, the market is closed on August 12 and August 15 on account of Bakri Id and Independence Day, respectively.

Market participants will focus on a slew of macro data like July CPI, June industrial production, June manufacturing output and July WPI Inflation data which may actively determine the course of next market direction.

On the derivatives front, open interest data suggests that the index may find its supports around 11,100 followed by 11,000 levels while on the higher side, 11,200 and 11,500 may act as strong resistance, it added.

Here is a list of buy-sell recommendations by the brokerage for this week:

Bata India | Target : Rs 1,485 | Recommendation: Buy

Bata India ended the previous week with a gain of nearly 8.86 percent as compared to a 1 percent rise in Nifty Midcap 50 index.

"On the price charts after making a swing high of around Rs 1,460 levels the stock has corrected towards its 200 exponential moving average (EMA) and found support around the same resumed its uptrend, indicating smart buyers present at lower levels. The momentum indicators like 14-period Relative strength index (RSI) on the weekly and daily charts is trading above its signal line indicating a bullish bias in the near term. On the derivative front, the stock has seen long accumulation in the last week with Open Interest increasing by 9.54 percent and price increasing by 8.86 percent. Hence, we recommend investors to initiate long position near Rs 1,425 levels for the higher target of

Rs 1,485 levels, keeping a stop loss of Rs 1,389 levels," the brokerage said.

Dabur | Target: Rs 452 | Recommendation: Buy

Dabur has closed the week with a positive return of around 3.62 percent and outperformed Nifty FMCG significantly.

"The stock is trading well above 21/50/100/200 DEMA levels on daily as well as the weekly chart indicating strength in the counter for all major time frames supporting our bullish bias. On momentum oscillator front, the 14-period RSI is pointing northwards and sustaining well above the signal line on daily and weekly chart as well, which indicates strength in the stock. We expect the stock to outperform in the near term. Hence, we recommend investors to

initiate a long position on dips around Rs 435 levels with a stop loss placed below Rs 420 for the target of Rs 452," the brokerage explained.

ICICI Prudential Life | Target: Rs 410 | Recommendation: Buy

According to the brokerage, ICICI Prudential Life is trading in a narrow range with a positive bias on the daily chart with the formation of higher lows on daily candles for the previous week.

Also, the stock is in the formation of ascending triangle pattern on the daily chart and is on the verge of a breakout from this triangle with a possible upside of 5-6 percent on immediate effect, it added.

"On the daily chart, the stock is placed above all its major moving averages indicating inherent strength. The immediate strong support is placed at 380-378 levels which is also its 50-DEMA and strong buying has been witnessed in the past whenever the price reaches the zone. On oscillator front, 14 period RSI is placed in a comfort zone of 54-55 levels post positive crossover indicating further upside potential in the counter. Hence, we recommend investors to initiate a long position near Rs 392 levels for the higher

a target of Rs 410 levels keeping a stop loss of Rs 380 levels for the near future," noted Karvy Broking.

Kotak Bank | Target: Rs 1,580 | Recommendation: Buy

Kotak Bank has witnessed a consolidation range breakout of Rs 1,460-1,515 on the back of an increase in average traded volumes on the daily chart.

"Even on the daily chart, the stock is placed above its major moving averages after re-testing its support zone which even collides with the 50 DEMA, suggesting it to be strong support for the counter. On oscillator front, 14 period RSI is placed in a comfort zone of 51-56 levels indicating further upside potential in the counter. Hence it is advisable to go long in the counter on any dip towards 1518 keeping a stop loss placed below Rs 1,460 levels, for the potential upside target of Rs 1,580 levels in coming trading sessions," Karvy suggested.

Siemens | Target: Rs 1,200 | Recommendation: Buy

As per the report, Siemens has bounced from the support zone of Rs 1,100 levels post-consolidation on the back of robust volumes indicating it to be a strong reversal signal for the counter and has retraced over 50 percent on weekly chart suggesting trend reversal in the counter.

"On the daily chart, the stock is placed above its long term moving averages indicating inherent strength. On oscillator front, 14 period RSI is placed in a comfort zone of 38-47 levels from the oversold region indicating further upside potential in the counter. Hence, it is advisable to go long in the counter on any dip towards Rs 1,155 keeping a stop loss placed below Rs 1,115 levels, for the potential upside target of Rs 1,200 levels in coming trading sessions," the brokerage noted.

Cipla | Target: Rs 475 | Recommendation: Sell

Cipla has witnessed fall consecutively from the past four weeks and has shown underperformance from its broader index. The stock is in a cycle of lower lows and lower highs indicating inherent weakness in the counter.

"Technically, the stock is placed below all its major moving averages and on oscillator front, 14 periods RSI has seen a negative crossover and is placed around 31-37 levels indicating further downside room in the counter. On the derivative front, long closure has been witnessed on a week to week basis and in past few trading sessions, the stock has witnessed short addition post its Q1 earnings which were below the market estimates, concluding the weakness in the counter to continue in near future. Hence for the coming week, it is advisable to go short in the counter on bounce keeping a

stop-loss placed above Rs 510 levels for the potential downside of Rs 475 levels," Karvy said.

GAIL | Target: Rs 119 | Recommendation: Sell

GAIL has closed the week with a fall of 2.16 percent while Nifty Energy closed with a cut of 1.93 percent during the same period which indicates the stock underperformed the index.

"Technically, the stock is in downtrend forming lower highs and lower lows indicating a weak trend. The stock is currently placed below all the major moving averages like 21 EMA and 50 EMA on the weekly as well as the daily chart. On the momentum oscillator front, the 14-period RSI is placed below the signal line on the weekly chart which re-affirms the negative view in this counter. On the derivative front, the stock has seen short accumulation in the last week indicating a weak bias in the near term. Hence, we suggest investors to short this counter around Rs 125 levels with a stop loss placed at Rs 128.50 levels for the target of Rs 119 levels," Karvy explained.

Torrent Power | Target: Rs 119 | Recommendation: Sell

Torrent Power has closed the week on a negative note, down 3.75 percent while Nifty Infrastructure closed flat during the same period.

"The stock has rallied from the lows of Rs 240 levels to the recent swing high to Rs 313 levels and halted its up move Thereafter, the stock has seen distribution in the range of Rs 290-313 levels and broke out the same on closing basis. The stock is trading now below its short term moving average. On the momentum oscillator front, the 14-period RSI is placed below the signal line on the daily as well as a weekly chart which re-affirms the negative view in this counter. On the derivative front, the stock has seen short accumulation in the last week which is evident by a decrease in price by 3.75 percent with an increase in Open Interest by 33.08 percent on a weekly basis. Hence, we suggest investors to short this counter around Rs 293 levels with a stop loss placed at Rs 302 levels for the target of Rs 277 levels," Karvy added.