It was a dramatic day for markets as they opened in red slipped further but showed smart recovery towards the end of the day. Recovery was led by PSU bank, metal, oil stocks. Sensex closed down 51.80 points or 0.32% at 15923.72, and the Nifty up 28.80 points or 0.60% at 4800.40.
Technical analyst Ashwini Gujral is positive in Bharti, HUL
This is how Ashwani Gujral views stocks on board:
On L&T, ABB, BHEL:
I think L&T has broken down today and that could now be headed towards Rs 2,250.
BHEL is also likely to face trouble and that could be headed towards Rs 1,600.
ABB found support around Rs 1,050 but that’s the important point wherever profits are left, those are going to be the areas, which are now going to get hit, and capital goods could lead to further declines.
OnRPL, Cairn:
Refineries are doing a bit better than rest of the markets. I think RPL is finding consistent support around Rs 145-150 but again its ranging Rs 180 on the upside.
Cairn has consistent support at around Rs 190-195; on the upside Rs 245-240 is the resistance.
On JP Associates and GMR Infra:
JP Associates just ran into a strong support of about Rs 190. I think it needs to get past Rs 255-260 before one could say that it has bottomed out. There is a good opportunity for the people those who are stuck in the stock will probably get out, all of last year’s heroes, the stocks that went up like crazy they have lots of ownership and they are not going to bottom out in a hurry.
GMR Infra Rs 140-145 as long as it can sustain those levels, rallies back upto Rs 185 are possible but again same problem here. We have seen what’s happened to RNRL and RPL same over ownership and that’s going to provide lot of resistance.
On Bharti Airtel:
Bharti has been in a correction long before the market and its showing some strength because the over ownership factor out there is probably lower. It has support around Rs 750, I think Rs 850-860 that’s where the 200 DMA is and that should offer resistance most stocks are likely to form ranges again as the markets goes into a range, so if one have to be in telecom, Bharti looks good.
On Hindustan Lever, ITC:
Hindustan Lever, ITC is looking good. ITC may not be making new highs but its holding that Rs 185-190 sort of range anytime the market pulls back that gets back into the green. With Lever Rs 210-215 is a good support you can ride it back upto Rs 230-235 on a good pull back.
On IDFC and Reliance Capital:
IDFC is a safer financial to be in. Rs 135-140 are a good support and on the upside one could trade it back upto Rs 190.
Reliance Capital as I said Rs 1,350-1,400, so all supports are coming and going and its not finding lot of support, so probably over ownership and some amount of people are taking it out on the ADAG Group.
Source: Moneycontrol.com
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