After a flat start, the markets edged higher with the benchmark indices gaining over 0.4% each in the opening deals. Tata Motors, TCS and HDFC Bank were the major contributors for the uptick in the opening trades.
At 0940 hrs, the Sensex was up 82 points at 19,984 and the Nifty gained 23 points to trade at 5,933.
In the broader markets, the midcap index was up 0.2% and the smallcap index added on 0.1%.
While speaking to SI, Mohit Gaba, Independent technical analyst & trader said he prefers Tata Motors to Tata Motors to DVR. He advices caution against adding bank stocks to your portfolio as charts are not very bullish currently.
Below is the chat conversation with Gaba:
SmartInvestor : It was yawning start for the market today after a rally witnessed yesterday. Nifty is on the other side of 5900, what are the key levels to watchout for benchmark indices today?
Mohit Gaba : if one is long then they should work with trailing stop losses at around 5890, but on the upside the key resistance zones are 5980 - 6000
SmartInvestor : What is on the charts for Jet Airways, the counter saw major news flow yesterday?
Mohit Gaba : Jet airways has seen a 15% rise from its bottom, and could continue to move higher, if one is holding on to this counter then have a trailing stop loss of 395 for targets of 425 - 430
SmartInvestor : Tata Motors is at all-time high while Tata Motors DVR is also in focus. As a small investor which one would be better bet from a short-term perspective?
