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Focus on oil & gas related stocks

The market is following global cues, which are going highly volatile and based on the trend of the long-term bond yields.

Sensex trading in narrow range
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Sensex trading in narrow range

Stock Picks

- LT: BUY, CMP 1515.2, TARGET 1590, SL 1485 The stock has given breakout of its supply trend line with a strong bullish candlestick pattern and closed above 20 day SMA.

- ONGC: BUY, CMP 118.25, TARGET 125, SL 115 After the recent up move rally from its demand zone the stock was in consolidation and recently it formed a Flag chart formation on daily chart with incremental volume activity.

-SBILIFE: BUY, CMP 923.85, TARGET 970, SL 905 The stock had been consistently taking support at the rising trend line of its short term chart formation and recent range breakout on weekly chart indicates up move in near term.

-ESCORTS: BUY, CMP 1336.55, TARGET 1405, SL 1305 Post correction from the highs of 1450, the stock is into accumulation phase with higher low formation on daily chart, hence we expect reversal and fresh up trend from current levels.

- INFY: BUY, CMP 1335.75, TARGET 1405, SL 1310 The stock had been trading in a broader range from past few weeks and formed a rectangle pattern, currently it is holding above the higher range of the formation. Hence we expect fresh bullish momentum.

(Source-Kotak Securities)

Mumbai: The market is following global cues, which are going highly volatile and based on the trend of the long-term bond yields. However, it's a corrective pattern to the vertical rally that almost all the indices across the world witnessed between 1st February to 16th of February.

Today, Asian markets failed to hold initial gains and our markets also fell from the highs. We could see further decline until the market is not crossing 51,540 levels.

"On Tuesday, Sensex would find the support between 50,150 and 50,200 levels, however, on the dismissal of 50,150, indices could fall to 50,000 or 49,500 levels. The focus should be on the Oil & Gas related stocks," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.


Kumud Das

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