Kunal Bothra says a fresh uptrend seems to have started in Jet Airways
Kunal Bothra, senior technical analyst at LKP Securities, says the recent fall in the Nifty has brought down short-term resistance from 8,100 to around 7,950. He further says that expectations of the index stabilising around 8,050-8,150 levels will now shift downwards towards 7,950 for the week. (Watch Video)
Buy Jet Airways: The stock has key price breakouts and looks attractive at current levels. A fresh uptrend seems to have started in Jet Airways. Investors may use corrections to make fresh positions. Jet Airways has support around Rs 650 and an upside towards Rs 990-1,020 levels over next 12-18 months is expected.
Avoid Axis Bank: The price is not moving up and there's lack of interest by foreign investors. FIIs seem to have a wait-and-watch approach on large cap names such as Axis Bank.
Buy Reliance Communications: This is the most preferred stock from the Reliance ADAG pack.
Avoid Reliance Capital: Other stocks from the ADAG pack such as Reliance Capital have had a significant rally in the last 1-2 months. Investors may watch for corrections in these stocks in order to make fresh positions.
Avoid Reliance Infra: The stock has also had a rally similar to one seen in Reliance Capital. Investors may wait for a correction from current levels before looking at buying.
Avoid L&T: The stock has hit a new 52-week low amid signs that there is still no respite in terms of ideal bottom for such large cap names.