Buy JSW Steel, Motherson Sumi, Avoid HCL Tech: Ruchit Jain
The Nifty is trading in a range between 7,750 and 7,950 and every time markets correct to the lower end of the range, some buying emerges, says Ruchit Jain, equity technical analyst with Angel Broking. Directional momentum in the markets will come if Nifty breaks down below support of 7,750 or breaks above 7,950, but technical indicators are indicating that the breakout will happen on the upside, he added.
Stock Talk
Buy JSW Steel: The stock is looking positive on charts; the stock faces resistance around Rs 1,350. If JSW Steel moves above Rs 1,350, then it can go up to Rs 1,425-1,450.
Buy Tata Steel: The stock is near its important support levels, and if it moves above Rs 332-333, it will trigger an up move in the stock.
Avoid Havells India: The stock is close to its all-time high levels. Investors should not buy this stock at current levels and those holding long positions should look to sell and book profits.
Buy Motherson Sumi Systems: The stock gave a breakout above after moving in a range for 6-8 months on the back of good volumes. It will resume uptrend and investors can buy this stock with stop loss at Rs 250 for target of Rs 300-305.
Buy ONGC: The stock has been in a range between Rs 200 to Rs 230. Investors can buy this stock around the lower end of the range.
Buy Kotak Mahindra Bank: Investors can buy this stock with stop loss below Rs 680 for target price of Rs 750-755.
Buy Aditya Birla Nuvo: After a long period of consolidation, the stock is forming higher top, higher bottom formation on charts. It can go up to Rs 1100-1120.
Avoid HCL Technologies: The trend remains weak for the stock as it broke its support level of Rs 770-780 to hit Rs 705-710. Currently the stock faces resistance around Rs 775.
