Buy Cipla, Maruti Suzuki; Sell Jubilant FoodWorks: Sumeet Bagadia

Nifty is moving in a range and has important support at 8,750 and if it falls below 8,750, it can go down towards 8,700-8,600 levels as well, said Sumeet Bagadia, associate director at Choice Broking. However, on the upside immediate resistance for Nifty comes at 8,850 and if it breaks above 8,850 it can go up to levels of 8,900, he added.

Stock Talk

Buy Maruti Suzuki: If this stock moves below Rs 5,400 then it can go down to Rs 5,100-5,150. However, Maruti Suzuki looks positive and any decline towards Rs 5,000 should be used as buying opportunity for overall target of Rs 5,800 in next three to six months.

Buy Cipla: The stock is looking good on charts and investors can buy Cipla above Rs 605 for target of Rs 650-660 with stop loss at Rs 570-580.

Buy Castrol India: The stock gave a good move on Tuesday and immediately it faces resistance around Rs 470-480 levels. Investors should avoid long at current levels and dips towards Rs 425-430 should be used as a buying opportunity for target Rs 500-510.

Sell Jubilant FoodWorks: The stock is looking weak on charts and has important support at Rs 930 and if that is broken then it can go down to Rs 850-800. Investors who are holding sell positions should continue to hold and fresh shorts should be created below Rs 930 for target of Rs 850-800. Meanwhile, pullbacks towards Rs 970 should also be used as selling opportunity with stop loss at Rs 1,005 for immediate target of Rs 930.