Focus on pharma, auto and fin stocks
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Mumbai In a volatile trading session, markets failed to hold on to its early gains and ended on a mixed note. This means that the expiry pressure is higher in the market. Technology and FMCG stocks were the strengths of the market today, else the market would have closed in negative territory. The BSE Sensex has made a higher bottom at 50,474. It looks like the market is preparing to cross the all-time highest level, which is at 51,500.
"The basic trend of the market is bullish and our strategy should be to buy on dips or at major supports. The 50,450 and 50,100 levels should be major supports. On the higher side, 51,150 and 51,500 levels would be major obstacles. On Wednesday, the focus should be on Auto, Pharmaceuticals and Financials," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities. .
Stock Picks
- ASIAN PAINT - Above Rs2,920 with a target of Rs2,960 and Stop loss of Rs2,880. It is trading in a Strong uptrend and we have witnessed a breakout in the stock
- JUBLFOOD - Above Rs 3,085 with a target of Rs 3,150 and Stop loss of Rs 3,020. It has a support of 8 and 40 EMA.
- POLYCAB - Above Rs 1,700 with a target of Rs 1,750 and Stop loss of Rs 1,650. The stock is in upward trending channel and is on the verge of a breakout.
- TITAN - Above Rs 1,575 with a target of Rs 1,600 and Stop loss of Rs 1,550. It has a support of 8 and 40 EMA.
- GAIL - Above 156 with a target of Rs162 and Stop loss of Rs151. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
