14 Nov , 2021 By : Kanchan Joshi
Nifty50 rallied for the second consecutive week, the decline during the week found renewed buying interest near 50-day average support. In Friday’s trade, Nifty50 revisited 18100-mark, intraday decline found support near the 17900-level. About half of Nifty50 constituents managed to beat the benchmark returns on weekly basis, it indicates stocks specific action at play.
Most Nifty50 stocks are going through a consolidation phase with RSI daily indicator reading for all the Nifty50 stocks seen below levels of 70. Sustenance above the level of 18100 could continue the recent rally till 18200-18250 levels. However, mixed activity is possible on the sectoral front.
Bank Nifty lost 8.3 per cent from the record peak. Inability to provide a close above 40000 during the start of the week eventually dragged Bank Nifty till 38346. Stability at current levels is required for any revival to set in. Meanwhile, snapping the six-week winning streak, the PSU Bank index retreated this week on account of profit-taking.
Nifty Consumer Durable index gained positive traction, stocks specific rally within this space is possible.
Recommendations
Buy UBL near Rs 1730, Stop loss: Rs 1705 ,Target: Rs 1785
Throwback from the record peak found renewed buying interest in UBL stock near the immediate support of Rs 1700. Sustenance could lift the stock till Rs 1780-1800 zone.
Buy DLF near Rs 426 ,Stop loss: Rs 414, Target: Rs 450
The recent minor decline seems to be in a mature phase, positive follow-up action above Rs 425 is likely to unlock upside potential in the stock till Rs 450.
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