In the wake of continuous offloading of shares by institutional funds, market sold off significantly last week & the broader market index Nifty closed below its 50 Day Moving Average. More importantly, we are seeing a lower top on daily chart of the index and once 10090 gets broken, sometimes early next week, a lower bottom will also come into being, resulting in a reversal of the intermediate uptrend. However in extreme short term, market is a bit oversold and a rise above 10180 might give way to a dead cat bounce.
Quite unfazed to the overall weakness of the broader market, 63 Moons completed its intermediate pullback from 159 to 110 & after taking support from 50 DMA, it resumed the primary uptrend. We recommend buying the stock on pull back to 135 regions with stop loss at 123 & target 162.
This FMCG major also stood its ground quite steadily & looking poised for continuation of the primary uptrend. One can keep a buy position at CMP 4800 with stop 4700 & target 5000.
The primary uptrend continues unabated in TVS Motors, one of our all time favorites. Friday’s big sell off in the broader market also failed to dent the bulls’ optimism in this counter. We therefore recommend buying TVS Motors yet again with stop loss at 712 & target 750.
This auto-component major is in a primary downtrend & last week saw a minor pull back which is likely over. Sell below 19820 with stop loss at 20653 on closing basis & target 18950.