NEW DELHI: After making a positive start, markets turned choppy on
Friday, weighed down by losses in consumer durables, realty, IT and oil
& gas stocks.
According to experts, the short and medium term bias remains negative and for the market to move higher, Nifty has to cross 5900 levels on a closing basis.
"Nifty is likely to seek support around 5620-5600 and on the other side, may face resistance around 5700-5740 for next session," SMC said in a note.
At 10:30 a.m., the Nifty was trading 0.20 per cent higher at 5,668.85. It touched a high of 5675.55 and a low of 5656.60 in early trade today.
The BSE Sensex pared some of its morning gains and was trading 0.1 per cent lower or 20 points at 18772.07. InfosysBSE -0.28 % (1.01 per cent), Bharti AirtelBSE -1.51 % (2.7 per cent) and ICICI BankBSE -0.63 % (0.64 per cent) led the gainers pack.
We have collated recommendation from various brokerage firms on stocks which could face further selling pressure:
HDIL: Sell with a target of Rs 45 and a stop loss of Rs 49
After hitting its 52 week high of Rs 123, the stock is continuously trading lower. It was trading in range of Rs 55-72 levels for past three weeks.
On Thursday, stock went down by over 2 per cent subsequently registered a fresh all time low with decent volume. We are anticipating that selling momentum can continue for coming days, which suggests the downside target of Rs 45-44 levels with a stop loss of Rs 49.
L&T Ltd: Sell with a target of Rs 1360 and a stop loss of Rs 1410
It is apparent from chart that the stock is going to complete the "Head and Shoulder" pattern on weekly charts which is bearish in nature.
The stock took around nine months for the pattern to form, so the potential of downside is quite strong. It has to complete the right shoulder of pattern which suggests the downside levels of Rs 1360-1340. Trader can consider 1410 as stop loss for next session.
Reliance Infrastructure: Sell with a target of Rs 320 and a stop loss of Rs 342
The stock is continuously trading lower after testing its recent high of Rs 565 levels. On Thursday, stock went down by over 6 per cent subsequently registered a fresh 52 week low with record volume which indicates that selling is more aggressive at current levels.
Therefore, investors can initiate short for the downside target of Rs 320-315 levels with stop loss of Rs 342.
According to experts, the short and medium term bias remains negative and for the market to move higher, Nifty has to cross 5900 levels on a closing basis.
"Nifty is likely to seek support around 5620-5600 and on the other side, may face resistance around 5700-5740 for next session," SMC said in a note.
At 10:30 a.m., the Nifty was trading 0.20 per cent higher at 5,668.85. It touched a high of 5675.55 and a low of 5656.60 in early trade today.
The BSE Sensex pared some of its morning gains and was trading 0.1 per cent lower or 20 points at 18772.07. InfosysBSE -0.28 % (1.01 per cent), Bharti AirtelBSE -1.51 % (2.7 per cent) and ICICI BankBSE -0.63 % (0.64 per cent) led the gainers pack.
We have collated recommendation from various brokerage firms on stocks which could face further selling pressure:
HDIL: Sell with a target of Rs 45 and a stop loss of Rs 49
After hitting its 52 week high of Rs 123, the stock is continuously trading lower. It was trading in range of Rs 55-72 levels for past three weeks.
On Thursday, stock went down by over 2 per cent subsequently registered a fresh all time low with decent volume. We are anticipating that selling momentum can continue for coming days, which suggests the downside target of Rs 45-44 levels with a stop loss of Rs 49.
L&T Ltd: Sell with a target of Rs 1360 and a stop loss of Rs 1410
It is apparent from chart that the stock is going to complete the "Head and Shoulder" pattern on weekly charts which is bearish in nature.
The stock took around nine months for the pattern to form, so the potential of downside is quite strong. It has to complete the right shoulder of pattern which suggests the downside levels of Rs 1360-1340. Trader can consider 1410 as stop loss for next session.
Reliance Infrastructure: Sell with a target of Rs 320 and a stop loss of Rs 342
The stock is continuously trading lower after testing its recent high of Rs 565 levels. On Thursday, stock went down by over 6 per cent subsequently registered a fresh 52 week low with record volume which indicates that selling is more aggressive at current levels.
Therefore, investors can initiate short for the downside target of Rs 320-315 levels with stop loss of Rs 342.
Leave a Reply
Note: only a member of this blog may post a comment.