Greaves Cotton CMP @ Rs. 286 (Target Rs. 350)

Triangular consolidation

• Though, Nifty seemed to be on a flattish note throughout the day, the final closing was in the favor of the bulls with a gain of 14 odd points. The price seems to be resting within a triangular consolidation, which generally is the case, when the up-move is likely to continue. However the final call whether Nifty is going for 5200 or not will be taken on the pattern breakout phenomenon. The upper boundary of the triangle is packed at 5138 and the lower boundary of the triangle is packed at 5095. So in the coming session, who is going to win the current tug-of-war between the bulls and the bears will be decided on the breach of above mentioned levels.

BSE Realty

• After taking support at 21DEMA the BSE Realty index outperformed the broader markets and finally closed at 3422 with a marginal gain of 0.59%. Going forward this index still look strong and we maintain our upside target of 3600.

 

Trading Ideas

• Remain stock specific from current levels.
• Mid term trading ideas which we like are Punj Lloyd (Target Rs. 206), ABG Shipyard (Target Rs. 304), Hanung Toys (Target Rs. 190) and Spice Jet (Target Rs. 76). Traders maintain stop loss accordingly.

Investment Ideas

Greaves Cotton (GCL): CMP @ Rs. 286 (Target Rs. 350)

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