Buy Cipla, SBI, Max Financial; Avoid Infosys: Ruchit Jain
Nifty fell close to its 200-day moving average in trades on Wednesday and it has recovered from lower levels which indicates that the corrective phase is behind us, says Ruchit Jain, equity technical analyst at Angel Broking. Breakout on Nifty will come only after it closes above 8,600 and meanwhile, 8,350-8,400 levels are good support levels for Nifty wherein buying should be done, adds Mr Jain.
Stock Talk
Buy SBI: The stock staged a breakout in Thursday's session from a sideways consolidation movement and stock is likely to move higher from current levels.
Buy Max Financial Services: The stock has given breakout on charts and traders can buy this stock for target of Rs 620 in next two-three trading sessions.
Buy Cipla: The stock can go up to Rs 580-590 in near term but it can trade in a range between Rs 540 and Rs 590. Traders can buy this stock at lower end of the range for target of Rs 590 with stop loss below Rs 511.
Hold Aurobindo Pharma: The stock is likely to witness volatile moves as it has run up sharply from Rs 680 to Rs 800. Investors who have taken positions at lower levels can hold this stock but will not recommend fresh buying at current juncture.
Buy Hindalco: The stock been continuously forming higher top higher bottom formation on charts and there are no negative signs visible. Hindalco can go up to Rs 185-187.
Hold Tata Steel: In last 5-6 months, the stock has been forming higher top higher bottom formation on charts and it faces resistance around Rs 445-450. There are no reversal signs visible but it needs to cross above Rs 445-450 for higher targets.
Avoid Infosys: Infosys is trading in a falling channel and investors should not go for not bottom-fishing in this counter as no trend reversal signs are visible.
Hero MotoCorp: The prices have corrected sharply and Rs 3,040 is important level to watch. If it breaks Rs 3,040, it can fall further.
Disclaimer: Investors are advised to make their own assessment before acting on the information.