Banks, oil stocks to push Nifty another 1.5-2% up
Allahabad BankI have seen a strong accumulation pattern in Allahabad Bank so it is closed at Rs 184. I think keeping a stop loss of Rs 179 this is moving towards Rs 198. If one were to play towards higher moves then it is going to come in smaller banks. Given that the volatility has to be managed as well, I would play this. The 52 week high is Rs 211. We are marking our target a tad less than that and maybe closer to the next ten days one should get target met.
SINTEX
The accumulation pattern on Friday was almost like a candlestick, which was showing that people were in a rush to scramble the stock. Given that it has closed at Rs 70.25, the fact that it was closing over Rs 69.50 was a breakout. I would look for a target closer to Rs 76 and stop loss should be spaced out at about Rs 68.50 and looks like it will meet pretty soon.
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