Nifty (CMP: 11429)
Last week saw Nifty to close at another life high although much of the rise was surrendered towards closing of the week! The index is quite obviously trading above major moving averages like 50, 100 & 200 day denominations but prices are overbought & some correction might set in early next week. The outlook remains positive as long as it keeps above 10235-10200 regions as the previous resistance is expected to serve as support.
Britannia (CMP: 6343)
Riding on the strong fundamentals, Britannia is surging ahead. Previous week saw some weakness in this scrip but the longer term uptrend is on the verge of recovery. The nature of the long term trend is steady & very reliable. Short term support exists at 6200 regions and any pullback might be a good opportunity to go long in this FMCG major.
Godrej Consumer (CMP: 1294)
Although there is an ongoing weakness in this stock, yet this consumer goods major is an overwhelmingly out-performing in longer term & the primary uptrend is significantly strong. One may therefore initiate a long position in Godrej CP above 1305 regions with stop loss at 1280 & target 1340.
Tata Elxsi (CMP: 1395)
We note this stock for its primary uptrend as well as the strong upward momentum. Past few sessions saw a routine pull back which was in fact a buying opportunity. Friday’s price action (inverted hammer on daily chart) suggests that the pull back might be over & the stock is poised for higher prices. Buy at CMP with stop loss at 1375 (on closing basis) & target 1455.
TCS (CMP: 1993)
Large-cap IT sector is seeing a strong demand & TCS is continuing in its primary uptrend. We recommend buying at CMP with stoploss at 1965 & target 2050.