Update on GMR Infrastructure
CMP: 160
GMR Infra lost 0.75 percent last week on
back of decreased volumes. The 14-day
RSI is indicating limited downsides in the
stock in the coming sessions. The
weakness in the broader index, if any, could
force the stock to test its initiation range
of 160-164 in the coming sessions. Any
movement to the lower levels of 160-164
should be taken as an opportunity to
assume long positions in the stock.
Immediate resistance is placed at around
185 levels. A sustained close above that
level will induce fresh buying interest in
the stock which could help the stock to
test all-time high levels of 201.80. The 8-
day EMA level is placed at around 173
levels while the 50-day EMA level is placed
at around 160 levels. Investors are advised
to remain invested in the stock for a short
term target of 200. All long positions in
the stock should be protected with a stop
loss placed below 152 levels on a closing
basis.
Update on Idea
CMP: 131.85
As expected, renewed buying interest was
observed in Idea. The stock rose by 7.50
percent on the back of increased volumes
on a weekly basis indicating further
strength to prevail. The 14-day RSI is
indicating the downsides to be limited in
event of any sell-off in the broader index.
Our initial target of 135 was met last week.
We continue to recommend buy in the stock with a price
target of 145 in a short term scenario. The 8-day EMA
level is placed at around 129 levels while the 50-day EMA
level is placed at around 123 levels. Strong support for the
stock is placed at around 123 levels which is unlikely to be
pierced in the coming sessions. Any movement close to
lower levels of 126-128 should be taken as an opportunity
to assume long positions in the stock. All long positions
in the stock should be protected with a stop loss placed
below 123 levels on a closing basis