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As the market nosedived post budget & the street witnessed a bloodbath, the most important decision we have to make right now is whether the intermediate uptrend is still effective. Well, the index prices are still above their 50 day moving averages & the pattern of higher bottoms are still not broken. These are the bullish evidences. On the flip side though, we are witnessing a bearish engulfing pattern on Nifty weekly chart which portends some still lower prices going forward. Indeed, the last significant bottom on daily chart is at 10440 regions and as long the index keeps above it, we cannot say that the intermediate uptrend had perished. Therefore, although we are expecting the weakness to continue for some more time, yet we are of the opinion that the positional shorting of index still carries higher risk than a positional long trade. The zone of 10550-10440 holds considerable support for the index next week.

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ITC has shown significant strength of character during a market meltdown. It is in fact seemingly ready for some good move upward in near future. Buy at CMP with stop 267, target 290.

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Paying no heed to the weakness of the broader market, Tech Mahindra is beating to a different note. The stock has been witnessing a steady demand for the past several weeks and even on Friday, it closed at its life high. One can buy at little decline to 610 with stop loss at 588 & target 640.

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This auto component maker, promoted by TVS group, is also a relative outperformer in a generally weak market environment where it broke out of its month-old consolidation phase & closed at yet another life high. Buy at CMP with stop loss at 2154 & target 2440.

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Titan enjoys a stronger correlation with gold prices than with the general market and as a result it is holding on to a relative outperforming category. Once Nifty recovers, this stock is very likely to put up some fireworks. We therefore recommend buying Titan above 840 with stop loss at 810 & target 880



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