Stock Tips: As long as both Nifty and Sensex are up 17700/59500, it has better chances of reaching 17850-17890/59800-60100.
Market Outlook: On Tuesday, the market was controlled by the bulls for the third consecutive trading day. Talking sector-wise, there was a buying trend in energy and financial stocks, while some metal and pharma stocks saw investors book profits. On Tuesday, Nifty 50 and BSE Sensex opened with strength and crossed the important resistance levels of 17770 and 59500. After this, the Nifty rose by 100 points and the Sensex by 300 points. The domestic benchmark index is forming a continuation pattern of breakout on the intra-day chart and now the support for the day traders has shifted from 17550/59000 to 17700/59500.
As long as both the domestic benchmark indices are up 17700/59500, it has a better chance of reaching 17850-17890/59800-60100. However, if Nifty and Sensex slip below 17700/59500, then it can fall to 17625-17580/59350-59100 in intra-day. Talking about individual technology stocks, one can earn excellent profits by investing in Tech Mahindra, Motherson Sumi Systems, Laurus Labs and Godrej Properties.
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Tech Mahindra
BUY, CMP: Rs 1,789.8, TARGET: Rs 1,880, SL: Rs 1,755
After a sharp jump, Tech Mahindra is now moving up and down in a range above the short moving averages. Due to this, a flag chart pattern is being formed on the daily scale, which is again indicating a bullish trend in the coming trading days.
Motherson Sumi Systems
BUY, CMP: Rs 224.8, TARGET: Rs 236, SL: Rs 219
The stock is forming higher top and higher bottom in the rising channel chart pattern. As a result, key technical trend indicators like MACD and ADX are strong and stable. Due to this, there are indications of a jump in it in the coming trading days.
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Laurus Labs
BUY, CMP: Rs 519.05, TARGET: Rs 545, SL: Rs 505
After sliding from the height of Rs 550, now its decline has stopped and a rounding bottom chart has been made on the intra-day chart, due to which there is a possibility of a rise in its prices.
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Godrej Properties
BUY, CMP: Rs 1,890.3, TARGET: Rs 1,985, SL: Rs 1,850
The stock was in the accumulation phase for the last few trading days where it was moving in a rectangular range. Due to this, a better demand zone was created around Rs 1850, which will now act as a support level. Recently this stock has made a breakout, due to which there are signs of a bounce in the coming trading days.
(Article: Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities)
(The stock recommendations given in the story are those of the respective research analyst and brokerage firm. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)
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