Nifty (CMP: 10693)
Last week saw a phase of increased volatility in Nifty where it violated the 200 day moving average with good conviction. Market breadth was weak & it puts the odd in favor of continuation of the bearish trend. The outlook for next week remains negative as long as it keeps below 10740 regions as the previous support is now expected to serve as barrier.
Hinusthan Unilever (CMP: 1824)
Riding on the strong fundamentals, Hindusthan Unilever is surging ahead with great momentum. The nature of the long term trend is steady & hence reliable. The recent weakness in September & October represented a good opportunity to create a core position during weakness in this FMCG major. Intermediate term support exists at 1752 & 1670 regions and any pullback might be a good opportunity to go long in Hindusthan Unilever.
TCS (CMP: 1995)
In the weekly chart of TCS, as shown here, we notice a significant (bullish continuation) rising three method candlestick formation & that too happens after a significant testing of 200 bar average on daily chart, which adds credibility to the formation. Buy either on pull back to 1940 regions with stop loss at 1900 and target 2030 or buy above 2010 with stop loss at 1940 and target 2118.
(Sell) Tata Steel (CMP: 509)
Tata Steel Steel is witnessing significant selling pressure & staying below most important moving averages. Past few sessions saw a routine pull back which is in fact a selling opportunity. Sell Tata Steel on pull back to 524 regios with stop loss at 540 & target 495.
Kotak Mah Bank (CMP: 1279)
Last Friday, it put up significant strength & closed above 200 day Moving Average, implying strength ahead. Buy on pull back to 1260 with stop loss at around 1200 levels and target at 1390.
