The Sensex and Nifty corrected sharply from intraday high levels during Friday's session as profit booking emerged in auto, IT and oil & gas shares. Jay Anand Thakkar, CMT, assistant vice president-equity research at Anand Rathi, told NDTV Profit that with increase in volatility, the Nifty formed lower-top lower-bottom formation on hourly charts which indicates a bearish undertone in the near term. On the downside, Nifty has support around 9,370.
Avoid CESC: The recent bounce should not be used as a buying opportunity.
ITC: The stock faces resistance around Rs 300 and if it closes above Rs 300 it can go up to Rs 330.
State Bank of India: The stock can go up to Rs 325 and it has downside support at Rs 300. However, the risk-reward is not favourable for going long.
Hindustan Unilever: The stock has staged a good move from Rs 750 to 1,000 and there can be some profit-booking and dips should be used as buying opportunity for target of Rs 1,300-1,400.
Godrej Consumer Products: The stock has done quite well but at current levels most of the upside is over and stock can consolidate from hereon.
The Sensex and Nifty corrected sharply from intraday high levels during Friday's session as profit booking emerged in auto, IT and oil & gas shares. Jay Anand Thakkar, CMT, assistant vice president-equity research at Anand Rathi, told NDTV Profit that with increase in volatility, the Nifty formed lower-top lower-bottom formation on hourly charts which indicates a bearish undertone in the near term. On the downside, Nifty has support around 9,370.
Avoid CESC: The recent bounce should not be used as a buying opportunity.
ITC: The stock faces resistance around Rs 300 and if it closes above Rs 300 it can go up to Rs 330.
State Bank of India: The stock can go up to Rs 325 and it has downside support at Rs 300. However, the risk-reward is not favourable for going long.
Hindustan Unilever: The stock has staged a good move from Rs 750 to 1,000 and there can be some profit-booking and dips should be used as buying opportunity for target of Rs 1,300-1,400.
Godrej Consumer Products: The stock has done quite well but at current levels most of the upside is over and stock can consolidate from hereon.
The Sensex and Nifty corrected sharply from intraday high levels during Friday's session as profit booking emerged in auto, IT and oil & gas shares. Jay Anand Thakkar, CMT, assistant vice president-equity research at Anand Rathi, told NDTV Profit that with increase in volatility, the Nifty formed lower-top lower-bottom formation on hourly charts which indicates a bearish undertone in the near term. On the downside, Nifty has support around 9,370.
Avoid CESC: The recent bounce should not be used as a buying opportunity.
ITC: The stock faces resistance around Rs 300 and if it closes above Rs 300 it can go up to Rs 330.
State Bank of India: The stock can go up to Rs 325 and it has downside support at Rs 300. However, the risk-reward is not favourable for going long.
Hindustan Unilever: The stock has staged a good move from Rs 750 to 1,000 and there can be some profit-booking and dips should be used as buying opportunity for target of Rs 1,300-1,400.
Godrej Consumer Products: The stock has done quite well but at current levels most of the upside is over and stock can consolidate from hereon.
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