 "Sharekhan recommends buy on Tata Steel, L&T Finance, Maruti Suzuki")
NIFTY
CLOSE- 8638.50 (29.07.2016)
Market closed weekly in positive territory. It extended on upside & achieved my first short term targets levels near recent high as expected last week. It made a high of 8674.70 levels so far in this rally. Momentum is showing weakness but one need to wait for price confirmation to finally conclude short term reversal till that one should be stock specific & expect the market to trend towards higher levels targets till short term reverses. All the other Indices such as BANKEX, MIDCAP & SMAL L CAP etc closed weekly in Positive territory.
Short term out look for the market still remains positive till nifty trades above 8476 Levels & expecting targets in the range of 8800-8850 levels in short term. Medium term out look for the market remains positive till nifty trades above 7927 levels expecting targets of 9120-9400 levels on nifty in medium term.
It still looks like any kind of decline or short term correction is buying opportunity from medium term perspectives till it reverses from overall wave counts attached as per chart attached.
Momentum indicators Daily KST & DAILY MACD both are in sell showing weakness for short term trend. Market will remain volatile ahead of GST event next week. Close below short term reversal levels will lead to possibility of correction till 8350 levels in short term. One should be stock specific & follow trend with revised trail stop loss levels till it reverses
Stock Picks:
TATA STEEL-BUY
CLOSE- Rs 354.80
TARGET- Rs 374-394
TATA STEEL closed weekly in negative territory. It managed to find support near 20/40 DMA.
Risk reward is favourable to BUY at current levels. It has wave-V up pending on daily chart. One can BUY with stop loss at Rs 337 for the target of Rs 374-394 levels in short term.
L&T FINANCE-BUY
CLOSE- Rs 86
TARGET- Rs 90/94
LNT FIN closed weekly in Positive territory. It’s outperforming in short term. Its daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with stop loss at Rs 81.65 for the targets of Rs 90/94 levels in short term.
MARUTI SUZUKI- BUY
CLOSE- Rs 4751
TARGET- Rs 4900/5000
MARUTI closed weekly in positive territory. It’s out performing in short term. Its daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with stop loss at Rs 4584 for the target of Rs 4900/5000 levels in short term.
The author is Portfolio Manager- PRO TECH-PMS at Sharekhan
Disclaimer: The analyst may have a position in the scrip mentioned above; the views given above are the personal views of the analyst.
CLOSE- 8638.50 (29.07.2016)
Market closed weekly in positive territory. It extended on upside & achieved my first short term targets levels near recent high as expected last week. It made a high of 8674.70 levels so far in this rally. Momentum is showing weakness but one need to wait for price confirmation to finally conclude short term reversal till that one should be stock specific & expect the market to trend towards higher levels targets till short term reverses. All the other Indices such as BANKEX, MIDCAP & SMAL L CAP etc closed weekly in Positive territory.
Short term out look for the market still remains positive till nifty trades above 8476 Levels & expecting targets in the range of 8800-8850 levels in short term. Medium term out look for the market remains positive till nifty trades above 7927 levels expecting targets of 9120-9400 levels on nifty in medium term.
Also Read
It can be also possible to count end of 5 wave advance near recent high from short term wave counts perspectives on daily charts at current levels of market. Further extension from here on can’t rule out ahead of GST event next week.
It still looks like any kind of decline or short term correction is buying opportunity from medium term perspectives till it reverses from overall wave counts attached as per chart attached.
Momentum indicators Daily KST & DAILY MACD both are in sell showing weakness for short term trend. Market will remain volatile ahead of GST event next week. Close below short term reversal levels will lead to possibility of correction till 8350 levels in short term. One should be stock specific & follow trend with revised trail stop loss levels till it reverses
Stock Picks:
TATA STEEL-BUY
CLOSE- Rs 354.80
TARGET- Rs 374-394
TATA STEEL closed weekly in negative territory. It managed to find support near 20/40 DMA.
Risk reward is favourable to BUY at current levels. It has wave-V up pending on daily chart. One can BUY with stop loss at Rs 337 for the target of Rs 374-394 levels in short term.
L&T FINANCE-BUY
CLOSE- Rs 86
TARGET- Rs 90/94
LNT FIN closed weekly in Positive territory. It’s outperforming in short term. Its daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with stop loss at Rs 81.65 for the targets of Rs 90/94 levels in short term.
MARUTI SUZUKI- BUY
CLOSE- Rs 4751
TARGET- Rs 4900/5000
MARUTI closed weekly in positive territory. It’s out performing in short term. Its daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with stop loss at Rs 4584 for the target of Rs 4900/5000 levels in short term.
The author is Portfolio Manager- PRO TECH-PMS at Sharekhan
Disclaimer: The analyst may have a position in the scrip mentioned above; the views given above are the personal views of the analyst.