17,950 would be the immediate hurdle for . If the index rises above the level, a pull-back momentum can continue up to 18,150 – 18,200 levels. On the flip side, trading below the 50 days SMA or 17,900, the index could slip up to 17600-17500 levels
Here are a few top picks for the week:
1. BUY: Aditya Birla Fashion and Retail Ltd (NS:) (ABOVE – 287.10)
STOP LOSS: 281.90
The stock has given a trend line breakout on intraday charts and has closed on a strong bullish note on its daily charts. It is also taking support of 20 DEMA on daily charts. Any breakout above the level of 287 would add further upward momentum to the stock. Therefore, we recommend initiating a buy position above Rs.287.10 with a stop loss of Rs. 281.90 and a target of Rs. 297.
2. BUY: Bharat Forge Ltd (NS:) (ABOVE – 780.10)
STOP LOSS: 767
This stock has formed a head and shoulder pattern on its intraday charts and has bounced back from its neckline. The stock is taking support of the trend line on its daily charts. Therefore, we recommend initiating a buy position above Rs. 780.10 with a stop loss of Rs. 767 and a target of Rs. 796.
Disclaimer – Neither CapitalVia nor its analysts hold a position in any of the stocks mentioned above.