Aditya Agarwal, head technical research at Way2Wealth says, building fresh long position in Nifty is not advisable as it faces resistance at 8,740. If Nifty closes above 8,740, then it can go above 8,800, he added.
Stock talk:
Sell Axis Bank: The stock is looking weak. If it breaks Rs 514 on closing basis, then sell the stock for a target of Rs 485 with stop loss at Rs 535.
Avoid Adani Ports and Special Economic Zone: The stock has rallied recently, so at current level it is not a buy. If it corrects to Rs 272 level, then one can buy it.
Buy ICICI Bank: The stock is in an uptrend and can extend rally till Rs 310-320. Stop loss for the stock should be at Rs 260.
Buy ONGC: Fresh long built up is seen in ONGC. Buy the stock at Rs 280 levels for target of Rs 330-340 with stop loss at Rs 260.
Avoid Biocon: The stock has already seen a rally. Buy the stock only if it corrects to Rs 880-900.
Buy Tata Motors: Buy for a target of Rs 595 and Rs 620 with stop loss at Rs 525.
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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