Nifty is trading in range between 8,500 and 8,800 and is likely to trade in this range, says Jay Thakkar, senior technical analyst at Sharekhan. Traders can buy Nifty around 8,500 and sell around the upper end of the range in near term, adds Mr Thakkar.
Stock Talk
Hold Biocon: We have been bullish on Biocon for past couple of months after it broke above its crucial psychological level of Rs 540. Investors can hold this stock foe target of Rs 1,350-1,400.
Buy Axis Bank: The stock has fallen from Rs 640 to Rs 550 and if it falls further to Rs 510 it will be a screaming buy as good short-covering is expected.
Sell Yes Bank: We recommended this stock to our clients around Rs 1,200 for a short term bounce. Meanwhile, it faces resistance around Rs 1,343 and anyone who was long at lower levels should exit this stock.
Buy LIC Housing Finance: Resent selloff does not change the positive outlook as the higher top higher bottom formation is still intact. It will look weak if it falls below Rs 576.
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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