Nifty (CMP: 10464)
After 4 weeks of consecutive fall, Nifty rose for 4 weeks & continues to maintain above all the major moving averages, which is a significant sign of strength.
However, for the new found strength to survive, Nifty now must not close below 10390 regions which happen to be the low of previous week. Another strong argument for the bulls’ camp is that the index for the first time in 2018, has registered a higher top formation on daily chart only last week.
Going forward, we expect the volatility is likely to continue & the Midcap stocks are poised to outperform their large cap peers.
TCS (CMP: 3402)
Riding on the strong result & weak INR, TCS surged ahead & made a new life high on Friday. The nature of the trend is steady & hence reliable. Short term support exists at 3210-3240 regions and any pullback might be a good opportunity to go long in TCS.
Ashok Leyland (CMP: 155.55)
The stock in continuing in a formidable primary uptrend & Friday saw another lifetime high closing for Ashok Leyland. We can as well spot an ascending triangle breakout formation in this scrip. Nearest support 148, this can be used as stop loss for a target 165.
Hind Unilever (CMP: 1467)
The stock is making life high almost at regular intervals and the resulting primary uptrend is extremely strong. We recommend buying Hind Unilever on pullback to 1440 regions with stoploss at 1410 & target 1488.
KPIT Technologies (CMP: 243.10)
IT sector is seeing a strong demand & KPIT Technologies is continuing in its primary uptrend. We recommend buy at CMP with stoploss at 234 & target 258.
