Nifty (CMP: 11551)
Monday saw a gap down opening but finally Nifty managed to close at another life high! In spite of a possible threat of interest rate hike in US, Nifty is continuously trading above major moving averages like 50, 100 & 200 day denominations, prices are however overbought & some correction might set in early next week. The outlook remains positive as long as it keeps above 11340 regions as the previous resistance is expected to serve as support.
ITC (CMP: 313.30)
Riding on the strong fundamentals, ITC is surging ahead. Previous week saw some consolidation 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 300 & 293 regions and any pullback might be a good opportunity to go long in this FMCG major.
Havells (CMP: 690)
Although there is an ongoing consolidation phase 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 Havells on pull back to 685 with stop loss at 670 & target 712.
LIC Housing Finance (CMP: 553.70)
We note this stock for its primary downtrend since June 2018.However, there are reasons to believe that the said primary downtrend is nearing exhaustion & prices are likely to embark on a new upward journey. The stock has recently successfully negotiated its 200 & 50 day Moving averages & looking poised for higher prices.
TCS (CMP: 2009)
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.