The bulls are on a frenzy buying mode, as we witnessed one-sided rally throughout the last week in the domestic markets. The index Nifty spot reached a new milestone of 21,000.
Throughout the week, the index gained another 3.5 percent from its previous week’s close. As we advance 20,500-20,600 could act as a solid support for the bulls.
The critical levels to watch out for Nifty next week would be 21,000 – 21,400 on the higher side, and 20,700 – 20,300 on lower side.
For the coming week, Bank Nifty immediate support is around 46,500, and until this is not broken, we expect further upside towards 48,000 or more in the index. On the downside, a breach of 46,500 might halt the ongoing momentum in the banking stocks.
Voltas: Buy | LTP: Rs 855.5 | Stop-Loss: Rs 825 | Target: Rs 915 | Return: 7 percent
Voltas was under pressure in the last trading session, but at this juncture, it is trading near its crucial support. Previously, the stock turned from this level, and we saw a rally towards Rs 900.
On the daily chart, Voltas has made a nice base near Rs 820–840 levels, along with volume picking up, which is looking lucrative. Thus, we advise traders to go long in the range of Rs 850–860 with a stop-loss of Rs 825 on a daily basis and a target of Rs 915.
Kotak Mahindra Bank: Buy | LTP: Rs 1,838.5 | Stop-Loss: Rs 1,785 | Target: Rs 1,900 | Return: 3.3 percent
On the daily time frame, the Inverse Head and Shoulder has seen after decent consolidation between Rs 1,700 and Rs 1,790. At the current juncture, it is placed above the mentioned zone.
On the indicator front, both daily RSI (relative strengh index) and DMI’s (directional movement index) are displaying positive bias in the counter.
Thus, one can buy in small tranche the zone of Rs 1,825–1,840 and another in the zone of Rs 1,800-1,810 with an upside target of Rs 1,900, and the stop-loss would be placed near Rs 1,785 on a daily close basis.
Jubilant Foodworks: Buy | LTP: Rs 559.75 | Stop-Loss: Rs 499 | Target: Rs 645 | Return: 15 percent
On a daily scale, the said counter has taken out the previous swing high of Rs 556. On a weekly scale, price action is sustaining above all major exponential averages, which is a sign of bullishness.
On the indicator front, the daily RSI has taken out its previous swing high, along with the daily DMI’s bullish cross, which further confirms our bullish stance in the counter.
On a daily close basis, one can buy in the zone of Rs 550-560 with an upside target of Rs 645 and a stop-loss of around Rs 499 on a daily close basis.
