Buy HCL Tech, Britannia, Avoid Banks: Ruchit Jain
Ruchit Jain, equity technical analyst at Angel Broking, says good traction is expected in the Nifty and 7900-8100 looks "a very good range to start accumulating stocks". Also, midcap counters are expected to outperform as positive divergence has been seen in the Nifty midcap index.
Stock talk
Buy Britannia: The stock has already corrected around 20 per cent in last three months and is now trading around its long-term support of Rs 2,840-2,850. Investors may buy Britannia at the current market price for a target of Rs 3,030 with stop loss at Rs 2,747.
Buy Bata India: The stock has witnessed very good volumes recently, after consolidation of one-and-a-half months. Investors may look at buying for a short-term target of Rs 460 with stop loss at Rs 434.
Buy ITC, HUL: Investors may look at buying HUL for a target of Rs 840 with stop loss at Rs 800. Minor dips in ITC towards Rs 225-230 can be used to buy the stock for a target of Rs 244 with stop loss at Rs 224.
Buy HCL Tech, TCS: The IT sector is expected to perform well in near term and HCL Tech is among the top picks in this space. HCL Tech, which has traded in a broad range of Rs 740-840 over the past 3-4 months, has potential to test Rs 835-840 levels. An upside of Rs 75-80 is expected in TCS from current levels. Investors may look at buying the stock for levels towards Rs 2,420 with stop loss at Rs 2,260.
Avoid banks: The Bank Nifty index has shown underperformance compared to the broader Nifty. Unless major reversal signals are seen on the largecap front, no outperformance is expected in the banking pack. Therefore, investors may avoid these names and focus on non-banking stocks.
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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