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Nifty may continue to consolidate between 12,750-13,000 zone


Amit Trivedi, YES Securities Since the past few sessions, on account of multiple failed attempts to sustain above the level of 12,950, Nifty is lacking the required momentum on the upside. Options data indicates that Nifty’s ongoing consolidation action within 12,750-13,000 is likely to continue.

Meanwhile, the Bank Nifty underperformed in today’s trade. Erasing early gains, it fell till 28,853 and ended in the negative territory. About half of the Bank Nifty components closed lower suggesting profit taking in selected stocks.

Equity recommendation

Buy GSPL (Gujarat State Petronet) near Rs 203-205

  • Stop loss: Rs 194
  • Target: Rs 225
  • After breaking the multi-month trendline, the stock has gained some positive traction. Series of positive closes ensures a shift of range on the upside. Hence, sustenance above levels of Rs 200 could lift the stock higher till Rs 225 zone

Future recommendations

Buy NTPC November future near Rs 93.50-93

  • Stop loss: Rs 91
  • Target: Rs 97.50
  • After a prolonged underperformance, the stock is trending higher since the past few weeks. Recent correction ended near the Rs 88 zone and the stock has resumed its uptrend. The stock has more room on the upside, and hence, could outperform from a near-term perspective.

Sell PEL (Piramal Enterprises) November future near Rs 1,390-1,400

  • Stop loss: Rs 1.445
  • Target: Rs 1,300
  • Post recent high near Rs 1,480, the stock is trending lower as rallies remained short lived. Sustenance below Rs 1,400 could drag the stock lower till Rs 1,300 zone.

Credit: Stocks-Markets-Economic Times

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