By Shrikant Chouhan
On Tuesday, revenue reserving continued at a better degree, the benchmark index Nifty 50 ended 42 factors decrease whereas the BSE Sensex misplaced 153 factors. Among sectors, revenue reserving was seen in Oil and Gas shares whereas some shopping for curiosity was seen in selective actuality shares. Technically, after a pointy decline, the NSE Nifty 50 is consolidating inside a spread of 15700- 15850 and BSE Sensex in 52600-53000 vary. The quick time period formation continues to be on the weak aspect. And we’re of the view that, if indices slip beneath the extent of 15700 and 52600 they might hit the extent of 15600-15550 and 52300-52100. On the flip aspect, 15850 for Nifty and 53000 for Sensex would act as a right away hurdle for the bulls. Above which these may transfer as much as 15950-16000 and 53300-53500.
Technical shares to purchase
Britannia Industries
BUY, CMP: Rs 3,382.85, TARGET: Rs 3,550, SL: Rs 3,310
After the current correction within the counter from the upper ranges the downward momentum has taken a pause. On every day charts, the counter has shaped a rounding backside chart formation and reversed its development. The formation suggests a revival of the uptrend from the present ranges for additional bullish motion.
HDFC Bank
BUY, CMP: Rs 1,312, TARGET: Rs 1,380, SL: Rs 1,280
The counter had been in a declining development prior to now many classes. However, at current the inventory is on the market close to to its demand zone which may act as a powerful base within the coming horizon. Hence reversal from the present ranges with a good danger and reward may be very probably within the close to time period.
Siemens
BUY, CMP: Rs 2,400.55, TARGET: Rs 2,520, SL: Rs 2,350
On the every day chart, submit reversal from its a number of help zone the inventory is right into a gradual up transfer in an rising channel sample. The texture of the chart sample suggests upward motion from the present degree may be very more likely to proceed within the coming classes.
L&T (Larsen & Toubro)
BUY, CMP: Rs 1,544.65, TARGET: Rs 1,620, SL: Rs 1,510
After hitting the current highs of 1660, the counter has seen a vertical slide on the draw back and is into oversold territory. In addition, it has shaped a double backside chart formation close to the help zone with first rate quantity exercise. Hence the construction signifies a development reversal within the coming buying and selling classes.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, Views expressed are the writer’s personal.)
Source: www.financialexpress.com”