Suprajit Engineering has been bucking the trend from the beginning of February month. It has been moving steadily after forming a strong base around Rs 320.
Sameet Chavan
March 06, 2023 / 06:48 AM IST
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} The market closed the week on a positive note, procuring 0.74 percent from its previous week’s closure and the Nifty settled a tad below the 17,600 level. The upsurge in the Adani group companies after the block deal has its rub of effect on the PSU banks, eventually spreading the cheer in the broader markets.From a technical perspective, the recent price action could be seen as constructive development for our markets as the index witnessed a modest recovery from the 200 SMA (simple moving average – 17,404) and made a strong closure on the daily time frame.As far as levels are concerned, 17,500 is now likely to be seen as the immediate support zone, while the sacrosanct support lies around the 17,350-17,400 zone, coinciding with the 200 SMA. On the flip side, the bearish gap of 17,770-17,800 is expected to act as the sturdy hurdle for the Nifty in a comparable period.Going forward, we remain sanguine and would advise the traders to utilize the dips to add long position in the index. The participation from the high-beta banking space has provided the much-needed impetus and is likely to continue in the near term.Here are two buy calls for short term:RITES: Buy | LTP: Rs 351 | Stop-Loss: Rs 334 | Target: Rs 378 | Return: 8 percentThis stock has been consolidating for several months and it has showed some resilience in the recent broader market destruction. However, in the week gone by, the stock prices showed early signs of revival as we witnessed a good buying interest to confirm a ‘Trendline’ breakout on daily time frame chart.The volume participation has been robust to support the up move. With this price action, we can observe a good base building formation in the counter. Hence, we recommend buying this stock for a trading target of Rs 378. The stop-loss can be placed at Rs 334.
Suprajit Engineering: Buy | LTP: Rs 381 | Stop-Loss: Rs 354 | Target: Rs 412 | Return: 8 percentThis stock has been bucking the trend from the beginning of February month. It has been moving steadily after forming a strong base around Rs 320. This initial attempt of recovery was then followed by a good consolidation for nearly 5 – 6 trading sessions.On last Thursday, the stock prices finally took off from the recent hurdles to post highest close in last 10 odd months. The volumes have been gargantuan to display the massive buying interest towards the fag end of the week.Traders can look to buy around Rs 375 – 370 for a near term target of Rs 412. The stop-loss can be placed at Rs 354.
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