Posted By : Kishore B.S
Nifty in yesterday’s trade spiked by more than 2% (100 points) & Bank Nifty by 3.8%.. As recommended yesterday, if Nifty closes above 6100 it would be a good buy. Nifty closed at 6115.35; however neither is the market in a bull trend nor a bear trend. The Nifty intermediate trend is down and hence it is wise to trade in small quantities and also book small profits. If Nifty crosses 6200 or 6250 levels then taking a long position would be advised, keeping a stop loss of 6050 and 6000. Look to buy Bank Nifty with a target of 11150 and 11200 and a stop loss of 10940 or 10900.
Technically, the stock to buy is BHEL which has made bullish H&S breakout , Target is 155 and 160, stop loss is 139.