Yesterday we have seen gap down opening in Nifty but covered
sharply. It made a low of 7791 and bounced back shapy to 7954 mark.
On Dhanteras... We recommended buying in Nifty on our Android App around 7890. It flared and made a high of 7954 mark.
Too recommended buying in Goderej Ind around 390---388. It
jumped and made a high of 395.50. Still we are holding long
Also we recommended BPCL to our subscriber around 900. Made
a high of 910 after our buying recommendation.
Still need trial...Need not to worry!! Watch more.
Now what to expect???
Yesterday's low and high is very crucial for Nifty and
stocks specific. Nifty has support at 7850---7790 and resistance at 7960--8030
mark.
Either side break or close with volume will decide further.
Today we will expect range bound trading in Nifty. So trade with levels only.
More will update during market hours.
Diwali's top pick
This Diwali... Buy
Reliance Industries
CMP Rs. 952 ..... Target Rs.1300
(14x FY17E EPS) PE (FY16E) 11.6x PE (FY17E) 10.2x
Investment Rationale.
In Q2FY16 RIL’s reported GRM at USD10.6/bbl vs.USD10.4 bbl
in Q1FY16 and $8.3/bbl in Q2FY15, which was its highest in the past 6 years.
At CMP Rs 952 stock is trading at 10.2xFY17 EPS which is
lower than its mean of 15x.
We maintain BUY rating on the stock with target price of
Rs1300 (based on14xFY17 earnings).
(This call is for positional traders)
So traders can buy and accumulate Reliance Industries for
this Diwali.
