It was quiet day for the market, and it ended in red. Nifty closed below 5200 level. The BSE consumer durable, auto, IT indices witnessed selling pressure. However, realty and midcap stocks have surged. Pharma and metal closed in green but with modest gains.
The Sensex closed down 109.22 points or 0.62% at 17490.90, and the Nifty was down 35.95 points or 0.69% at 5192.25.
Vijay Bhambwani gives his views on the stocks to watch today:
Bharti Airtel:
The markets are clearly seeking a clear sense of direction, 5% here and there; I wouldn’t really call it a big move for Bharti Airtel. However I don’t think the markets have made up their mind just as yet.
The F&O cues are still quite mixed, the day the stock goes up 2% or more you see ample amounts of shorts being created, I would wait and watch.
ITC :
I would go long on ITC because this is one stock which is actually bucking the trend, up almost 2.5%, and as long as it remains above Rs 225, I am comfortable with it, a strict tight stop loss of about Rs 221 or Rs 222 is good for Rs 230 or Rs 232 tomorrow.
Idea:
Idea is likely to move up in spurts rather than notch up in sizable gains or declines either way. Out of the two (Idea and Bharti) Bharti would be a lot safer and over a period of time, even more rewarding.
DLF:
As far as realty is concerned, I don’t really favor realty too much because I expect the current up move to be nothing more than a very strong and sharp pull back. If at all, I was to stick my neck out, I would favor the heavy weights like DLF, because the volatility on large cap would be a lot less than what you would see amongst the large caps.
Disclosures: It is safe to assume that my clients & I may have an interest in the stocks/sectors discussed.
Source: Moneycontrol.com
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