By Shrikant Chouhan
The benchmark indices witnessed revenue reserving at greater ranges, the NSE Nifty 50 ended 90 factors decrease whereas the BSE Sensex was down by 236 factors. Among sectors, a lot of the main sectoral indices witnessed revenue reserving at greater ranges, however Media and IT indices misplaced essentially the most. Media index down by 2.70 % and the Nifty IT index corrected over 1.80 %. Technically, from yesterday’s highest stage, the Nifty/ BSE Sensex corrected over 250/1000 factors. On every day charts, the index has shaped a bearish candle which signifies additional weak spot within the close to future.
We are of the view that, so long as the index is buying and selling beneath 16250/54500 the correction wave is prone to proceed. Below which, it may retest the extent of 16000-15050/53800-53700. On the flip facet, submit 16250/54500 breakout, the index may transfer as much as 16325-16375/54750-54900.
Bharat Petroleum Corporation Ltd (BPCL)
BUY, CMP: Rs 330.1, TARGET: Rs 350, SL: Rs 320
On the weekly scale, the 400 zone acted because the sturdy resistance space for the counter because of double prime formation. This resulted within the correction in inventory from greater ranges. However, at current a reversal from an essential help zone on the every day chart may be very probably for a recent up transfer.
IndusInd Bank
BUY, CMP: Rs 897.95, TARGET: Rs 950, SL: Rs 875
After the sharp correction from greater ranges, the inventory is buying and selling in a variety certain mode close to its demand zone, which signifies accumulation at these decrease ranges. Therefore, upward motion from the present stage is anticipated to renew within the coming horizon.
Tata Motors
BUY, CMP: Rs 425.75, TARGET: Rs 450, SL: Rs 415
The inventory is constantly buying and selling in an ascending triangle chart formation, which clearly suggests bullish momentum to stay within the quick time period. In addition, on the weekly scale, the inventory has shaped a better backside formation indicating good energy within the counter for recent breakout.
Cummins India
BUY, CMP: Rs 1,015.85, TARGET: Rs 1,070, SL: Rs 995
The counter is buying and selling into a variety certain mode for the previous couple of periods, and presently the counter is close to the breakout line of the Symmetrical triangle chart sample. Hence, the latest worth motion signifies a robust breakout for a brand new leg of up transfer in a number of buying and selling periods.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. Views expressed are the writer’s personal.)
Source: www.financialexpress.com”