Sumeet Bagadia says Lupin broke its important support level of Rs 1,640 and it can go down to Rs 1,550.
The Sensex and Nifty snapped their three-day winning streak on Tuesday, following Reserve Bank's decision to keep interest rates steady. But many market analysts, including Sumeet Bagadia of Choice Broking, remain optimistic about domestic equities. He had advised investors to go long on Nifty as long as it held 8,540.Stock Talk
Buy Power Finance Corporation: The stock has given a good up move and is consolidating in a range between Rs 220-225. If PFC closes above Rs 226 it can go up to Rs 250. Fresh long positions should be initiated above Rs 226 for target of Rs 240-250 with stop loss at Rs 215.
Buy Havells India: The stock looks good and investors can buy this stock at current market price for target of Rs 440-450 with trailing stop loss at Rs 402.
Hold REC Ltd: The stock looks good on charts as it has given a breakout. It faces resistance around Rs 230 and if REC closes above Rs 230 it can go up to Rs 250-260. Those holding the stock should continue to hold with trailing stop loss at Rs 215.
Avoid Lupin: The stock was looking good before results but after results the stock broke its important support level of Rs 1,640. There is a possibility that it can go down to Rs 1,550 as well. At current juncture it is advisable to avoid long positions in Lupin.
Avoid Exide Industries: The stock has given good upmove from levels of Rs 172. The stock is likely to move in range between Rs 170-185. Traders should book profits around Rs 183-184 and dips towards Rs 172 should be used as a buying opportunity.
Avoid Fortis Healthcare: The stock faces resistance around Rs 200 and at current market price, investors should avoid Fortis Healthcare. Buying should be done only if this stock goes down to Rs 175-180 or it moves above Rs 200.
Hold Zee Entertainment: If Zee Entertainment closes above Rs 510 then it can go up to levels of Rs 530 and weakness will be seen if it breaks Rs 495 on downside. Those who have positions in Zee Entertainment should maintain it with trailing stop loss at Rs 495.
Hold Delta Corp: The stock looks good as it is sustaining above Rs 100 but fresh longs should be avoided at current levels and those who have taken positions around Rs 100-110 should hold their positions with trailing stop loss at Rs 118. The stock has potential to go up to Rs 130 and above Rs 130 it can go up to Rs 145 as well.
Buy Dish TV: The stock has support at Rs 93-94. Investors should rather buy Dish TV with stop loss at Rs 88 for target price of Rs 100-105.
Avoid Colgate Palmolive: Investors should avoid creating fresh long positions in this stock and those holding should continue to hold with trailing stop loss at Rs 950.