Sell EIL, Buy Mindtree, Buy Siemens August Futures, Says Choice Broking
The S&P BSE Sensex and NSE Nifty 50 Indexes gave up early gains after opening on a mixed note on Wednesday, a day after the International Monetary Fund cut its growth forecast for India citing a weaker-than-expected outlook for domestic demand. The Sensex as much as 337.17 points from day's high and the NSE Nifty 50 Index dropped as much as 130 points from day's high and broke important psychological level of 11,250 on the downside. Mid- and small-cap shares were also facing the heat of selling pressure as Nifty Midcap 100 and Nifty Smallcap 100 Indexes declined over 1 per cent each. Amid broad-based selling pressure, Choice Broking headed by market expert and executive director of Choice Broking Sumeet Bagadia shared some trading ideas, trading strategies and share market tips for today's trade. (Also Read: Stock Market Tips - Buy REC Ltd, Dilip Buildcon, Radico Khaitan, Says Choice Broking)
Shares buy, sell Ideas: Here are some trading strategies (stock market tips) shared by Choice Broking for trading in Indian markets today:
Sell EIL (Engineers India)
Choice Broking has recommended selling Engineers India shares in the range of Rs 105.90 and up to Rs 106.90 for target of Rs 100 with stop loss at Rs 109. On a daily scale, the stock has reversed from of its multiple resistance line which points out for a bearish move in the stock. A daily momentum indicator RSI reading is at 37.35 level with a negative crossover which points out for a negative breath in the counter, the Mumbai-based brokerage firm said.
Buy Siemens August Futures
Choice Broking has recommended buying August Futures contracts of Siemens in range of Rs 1,210-1,217 for target price of Rs Rs 1,295 with stop loss at Rs 1,179. On a daily chart, the stock has been trading in an upward rising channel formation where recently the stock has taken the support at its lower band of the pattern which indicates a bounce back movement in the counter, the brokerage added.
Buy Mindtree
The Mumbai-based brokerage has suggested buying Mindtree for target of Rs 745 with stop loss at Rs 480. The stock has bounced back after taking a support around Rs 685.50 which is 38.2 per cent retracement level of its previous move from Rs 652.05 to Rs 706.35 which suggests a positive move in the counter, Choice Broking said.
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Disclaimer: Investors are advised to make their own assessment before acting on the information.