The Sensex and Nifty took a breather in Thursday's session after hitting record highs in the previous day. The Indian stock markets have staged a stellar run since start of this year, the Sensex for the first time settled above its important psychological level of 30,000 in Wednesday's session. The rally in the stock market has been triggered on the back of strong overseas inflows and optimism over further economic reforms after BJP's landslide win in UP elections. Meanwhile, NDTV Profit spoke to Ruchit Jain, equity technical analyst at Angel Broking for his views on some individual shares.
Stock Talk
Hold Biocon: The stock is continuously forming higher top higher bottom formation on charts and has support around Rs 1,050-1,055 levels. Trend for Biocon remains positive and traders can hold it with stop loss below Rs 1,050 for target of Rs 1,200-1,230.
Avoid Aurobindo Pharma: The stock has been an underperformer and has breached crucial support of Rs 620, downside momentum can continue and it can go down to Rs 580. Investors should not do bottom fishing until there is confirmation that prices have formed a firm bottom.
Accumulate Reliance Industries: Broader trend continues to be positive as the stock is forming higher top higher bottom formation after it gave a break out last month. Some consolidation could be seen due to overbought momentum readings but trend would remain positive. If prices correct up to Rs 1,350-1,360, it will be a good opportunity to accumulate Reliance Industries on dips around Rs 1,360-1,380.
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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