Indian stock markets opened gap-up with sectors such as FMCG, autos and software makers leading gains. However, investor sentiments remained sluggish ahead of fourth-quarter earnings starting with Infosys, country’s second-biggest software maker, on Friday.
Check out the technical trends and strategies with Ravi Nathani, Technical analyst at NSEToday for select large caps such as Infosys, Tata Motors and ITC:
Smartinvestor : What is your call on Infosys ahead of its results and overall outlook on the IT space.
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Ravi Nathani : We have a Stop Loss of Rs 2,950 for Infosys on a closing basis and a Target of Rs 2,610.
Smartinvestor : How would you play the defensive space such as FMCG, pharma pack?
Ravi Nathani : I don't think its the right time to buy defensives now. See, this market is suggesting a 'lower top-lower bottom' pattern. Defensives have already made a lower top and now we have lower bottom pattern so defensives may as well witness correction.
Ravi Nathani : We recommend 'sell-on-rise' on Colgate Palmolive with a Stop Loss of Rs 1,350 and a Target of Rs 1,240-1,250.
Ravi Nathani : ITC is a 'sell-on-rise' with a target of Rs 294-295 in near term.
Smartinvestor : Tata Motors is buzzing today after strong JLR global sales. What is you call on this counter?
Ravi Nathani : Tata Motors numbers were impressive but the trend is bad so I would recommend a 'sell' ON Tata Motors with a target of Rs 230.
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