 "Stock tips from Devang Shah of Sharekhan")
NIFTY
CLOSE- 7485.35 (04.03.16)
Market closed weekly in positive territory. It sharply rebound from lower levels & rose almost 10% during the week after budget event. All the other indices such as midcap, small cap & Bankex etc closed weekly in positive territory. It looks medium term bottom at lower levels of around 6,825.80 levels & we are also few points away from my medium term reversal of 7,600 levels to finally conclude the same. One should watch out market behaviour around these levels for short term.
We have closed near crucial resistance levels in short term after sharp rally from bottom. One should watch out market behaviour around these levels. One can’t rule out profit booking from current levels or any kind of higher levels in short term. We may see some kind of consolidation in short term. Sustain above 7,600 levels will confirm further sharp rally towards 7980 levels in short term. 6,800 looks strong support for market from short to medium term perspectives. One should BUY stock specific at current levels or any kind of decline or consolation till these support levels holds.
Read more from our special coverage on "MARKET"
BANK NIFTY also found medium term support at lower levels. It’s outperforming in short term & continues to outperform in rally ahead. One can expect further higher levels targets till 16,800-17,300 levels in short to medium term. Momentum indicators daily KST & daily MACD both are in BUY. One should be stock specific & follow the trend with stop loss levels till it reverses.
Stock Picks:
MARUTI SUZUKI: BUY
CMP: Rs 3573
TARGET: Rs 3796
MARUTI closed weekly in positive territory. Its momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with Stop Loss of Rs 3475.
ACC: BUY
CMP: Rs 1236
TARGET: Rs 1280/1300
ACC closed weekly in positive territory. Its momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with Stop Loss of Rs 1210
TECH MAHINDRA: BUY
CMP: Rs 450
TARGET: Rs 482
TECH MAH closed weekly in positive territory. Its momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with Stop Loss of Rs 430
TATA POWER: BUY
CMP: Rs 59.30
TARGET: Rs 62
TATA POWER closed weekly in positive territory. Its momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with Stop Loss of Rs 57.85
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.
