Focus on infra, cement, CV & tech cos next week
- VBL - Above 922 with a target of 950 and Stop loss of 898. It has reversed from the support of 40 EMA.
- BRIGADE - Above 293 with a target of 297 and Stop loss of 289. It is an upward trending channel and on the verge of a breakout.
- POLYCAB - Above 1340 with a target of 1391 and Stop loss of 1289. It is an upward trending channel and on the verge of a breakout.
- AMARAJABAT - Above 1000 with a target of 1050 and Stop loss of 960. It has reversed from the support of 8 and 40 EMA.
- APOLLOTYRE - Above 251 with a target of 255 and Stop loss of 247. It has reversed from the support of upward trending line.
Mumbai: The market recorded a choppy session during the week. The Sensex failed to move beyond 51,850 and refused to close below 51,300 levels. However, during the week we saw maximum activity in medium-sized and small-sized companies that could hurt the market if they failed to break the 51,850 levels. This is a strong market, but recent levels where the Indian stocks are trading are far from recent lower levels. Based on the chart of large-cap companies, the weakness is increasing in the short term and it would probably lead to a quick correction to the level of 50,500 or 50,600.
"If the Sensex crosses 51,900 for the 52,750 levels, it would be advisable to buy. Below the level of 51,300 would lead to further weakness", says Shrikant Chouhan, EVP, equity technical research at Kotak Securities. During the week, FIIs invested over Rs 6,000 crore in the cash market. The Dollar index fell to 90.40 from 91.40 levels and crude prices have started to cool off from highs. In the coming week, the focus should again be on infra, cement, CV and technology companies, he added.