Nifty (CMP: 10961)
Last week witnessed bulls’ return as Nifty is about to take out its December high. This confirms short term strength & we should now approach the market as one to buy on declines, supports exist at 10840, 10770 & 10690. The outlook for next week therefore remains positive as long as it stays above 10550 regions.
(Sell) Mahindra & Mahindra (CMP: 730)
M&M has recently seen some serious sell off followed by pull-back. In December, we saw its its attempt to break above 50 DMA but it failed to put up any further strength & subsequently declined. Short term resistance exists at 740 & 755 regions and this might be a good opportunity to go short in this auto stock.
Bajaj Finance (CMP: 2594)
Although there is a minor pullback in Bajaj Finance, yet this NBFC major is continuing to show promise in terms of resumption of the longer term uptrend. Bajaj Finance is in fact outperforming many stocks within Nifty in intermediate term. One may therefore initiate a long position in it on pull back to 2570 regions with stop loss at 2520 & target 2680.
Titan (CMP: 962)
With a primary upward trend and reduced volatility, Titan presents a good buying opportunity in near future. Titan is however trading near to its life high. The stock closed at 962 & one may buy it on pullback to 945 regions with stop at 920 & target 1010.
(Sell) JSW Steel (CMP: 284.60)
While most other sectors have recovered from their September/October sell off, metal sector is still languishing & JSW Steel happens to be one of the most vulnerable stocks in this sector. We recommend selling at CMP with stop loss at 293 on closing basis & target 271.
