Nifty (CMP: 10754)
Last week continued to witness extreme volatility where Nifty convincingly breached the 20 day Moving Average mark at 1061 zones & ended the week almost at the lowest point. This confirms a short term weakness & we should now approach the market as one to be bought on declines. The outlook for next week therefore remains cautiously positive as long as it stays above 10550 regions.
(Sell) Tata Motors (CMP: 176.25)
Tata Motors has recently seen some serious sell off followed by pull-back. Last week saw its foray above 50 DMA where it failed to put up any strength. Short term resistance exists at 180 & 184 regions and this might be a good opportunity to go short in this auto stock.
ICICI Bank (CMP: 354.20)
Although there is a minor consolidation phase in this stock, yet this Banking major is showing promise in terms of resumption of the longer term uptrend. One may therefore initiate a long position in ICICI Bank on pull back to 348 regions with stop loss at 342 & target 361.
(Sell) LIC Housing Finance (CMP: 470.55)
With a primary downtrend, and volatility subsidizing LIC Housing presents a good shorting opportunity in near future. The stock closed at 470 & one may sell it on rise to 478 regions with stop at 494 & target 445.
TCS (CMP: 1895)
Barring a few pullbacks, large-cap IT sector is still looking resilient as compared to the broader market & TCS in spite of its recent weakness, is one of the outperforming scrip in this sector, which is still doing good. We recommend buying at CMP with stop loss at 1890 on closing basis & target 2040.
