This Article is From Dec 21, 2016

Buy Prestige Estate, TCS; Sell Bharat Financial Inclusion: Sumeet Bagadia

Buy Prestige Estate, TCS; Sell Bharat Financial Inclusion: Sumeet Bagadia
Indian markets fell for the fifth day in a row with Nifty settling below 8,100 level on Tuesday. Till the time 8,000 is not taken away Nifty will trade in range of 8,000-8,180, says Sumeet Bagadia, associate director at Choice Broking. From present levels there is a possibility that Nifty may go down as Bank Nifty is looking weak and if Bank Nifty goes below 18,000 levels there can be an extended selloff in banking shares which will impact the Nifty as well, adds Mr Bagadia.

Stock Talk

Buy Prestige Estate: The stock has given a very good move from lower levels and it is headed for its 200-day moving average which is placed around Rs 179-180 levels. Once it breaks above Rs 180, it can go up to Rs 200-210. Traders who have long positions at lower levels should continue to hold longs with trailing stop loss at Rs 165. Traders can also look at buying this stock with stop loss at Rs 165 for target of Rs 190-200.

Sell Bharat Financial Inclusion: The counter is looking weak on charts it has support around Rs 550 on the downside and if it breaks below Rs 550, then it can fall to Rs 490-500 levels. Any pullback in the stock till Rs 590-600 should be used as a selling opportunity for immediate target of Rs 550 and below Rs 550 it can go down to Rs 490-500.

Page Industries: For long-term investment perspective, the stock looks good but for next couple of weeks the stock is likely to move in a range.

Buy Bharat Forge: The stock is looking good on charts as it has given a breakout. Meanwhile, at higher levels Bharat Forge is facing selling pressure but the stock has not staged a big fall. Traders can buy this stock for next 1-2 months and if it breaks Rs 1,000 on the upside then it can go up to Rs 1,100-1,140.

Buy Tech Mahindra: Traders can buy this stock around Rs 470-475 for immediate target of Rs 500 and if it breaks Rs 500 then it can go up to Rs 540-550.

Sell Aurobindo Pharma: The stock is looking weak and it has support around Rs 660-665 levels. If these levels are taken away there can be a sharp selloff in the counter wherein it can fall 8-10 per cent to Rs 600 levels. Traders who have sell position can hold existing positions with stop loss at Rs 695.

Buy Sun Pharma: The stock is oversold and there is a possibility that it can fall to Rs 600-610. As the stock is oversold on charts, traders should not go short on this counter but wait for buying it above Rs 640-645 for target of Rs 700.

Buy TCS: The stock is headed for Rs 2,450 and traders can buy at current market price or on dips around Rs 2,300 for immediate target of Rs 2420-2450.

Disclaimer: Investors are advised to make their own assessment before acting on the information.
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