Nifty (CMP: 10934)
Last week witnessed bulls’ return as Nifty is about to take out its September high. A closing for Nifty above 11020 will reinstate strength. We should now approach the market as one to buy on declines, supports exist at 10840, 10770 & 10690. The outlook for next week therefore remains positive as long as it stays above 20 day average of 10850 regions.
(Sell) TVS Motors (CMP: 497)
TVS Motors has recently seen some serious sell off followed by pull-back. The stock is in a primary downtrend & also underperforming the index, thus qualifying for shorting. Resistance exists at 510 & 521 regions and this might be a good opportunity to go short in this auto stock.
Infy (CMP: 754)
Although there is a minor pullback in Infosys, yet this IT major is continuing to show promise in terms of resumption of the longer term uptrend. IT index and especially Infy is in fact outperforming many stocks within Nifty in intermediate term. One may therefore initiate a long position in it on pull back to 745 regions with stop loss at 730 & target 786.
Inox Leisure (CMP: 268)
With a primary upward trend and reduced volatility, Inox presents a good buying opportunity in near future. The stock has broken out of a major resistance area at 253 regions & looking poised for higher prices ahead. Inox closed at 268 & one may buy it on pullback to 260 regions with stop at 250 & target 284.
(Sell) HDFC Life (CMP: 376)
While most other sectors have recovered from their September/October sell off, NBFC & financial services sectors are still languishing & HDFC Standard Life Insurance happens to be one of the most vulnerable stocks in this sector. We recommend selling at CMP with stop loss at 382 on closing basis & target 362.
