Stock markets ended on a weak note on Wednesday with Sensex closing 255 points lower and the broader Nifty managing to settle above its crucial psychological level of 8,600. Meanwhile, NDTV Profit spoke to Pradip Hotchandani, head of research at Prudent Broking Services on various stocks.
Stock Talk
Hindustan Unilever (HUL): The stock has been in a phase of long consolidation and faces resistance at Rs 980 on higher side and has support at Rs 770. Watch for this consolidation to get over.
Avoid Axis Bank: The stock has broken its important support level of Rs 510 and has fallen below its 200-day moving average of Rs 490. It looks like the stock can go down to Rs 460-465 over next couple of months. Axis Bank will underperform its other banking peers and traders should avoid this stock.
Buy LIC Housing Finance: Made negative divergence on weekly charts after a steep run up and some consolidation is on the cards. Traders should look to buy this stock on dips for immediate target of Rs 625.
Buy Indiabulls Housing Finance: Traders can buy Indiabulls Housing Finance for target of Rs 1,080.
Buy Tata Motors: Investors can buy Tata Motors around Rs 475-500.
Buy Tata Communications: The stock can correct in near term and traders can buy this stock around Rs 575 for target of Rs 683.
Buy Tata Global Beverages: Recently Tata Global Beverages broke above its resistance area of Rs 147-150. But due to the recent news flow the stock has gone down. Traders can start accumulating this stock with stop loss at Rs 130.
Tata Steel: The stock faces resistance around Rs 430 and has support at Rs 370. Investors who want to bottom fish can buy this stock buy around Rs 370.
Tata Chemicals: The stock had a decent run-up and can go down to Rs 510-520.
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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