Buy Mahindra & Mahindra, Hindalco; Avoid Titan: Aditya Agarwal
Nifty has important support at 8,000 and on the upside it faces resistance around 8,250, says Aditya Agarwal, head of technical research at Way2Wealth. Mr Agarwal advises investors to book profits around 8,250 as big rally in markets is not expected.
Stock Talk
Buy Mahindra & Mahindra: The stock corrected sharply from Rs 1,520 to Rs 1,140- 1,120 levels which is strong support zone for the stock. The stock is likely to see recovery on account of short covering and traders can buy M&M for target of Rs 1,260-1,300 with stop loss at Rs 1,140.
Avoid Titan: Traders should wait for some time as the stock has broken below its support zone of Rs 340. Making long positions below Rs 340 can be quite risky and on lower side support is now at Rs 300. The stock is likely to consolidate in range of Rs 300 and 340 and long/short positions should be avoided.
DLF: The stock is trading in range of Rs 105-118 and it is near higher side of this range. Long positions are not advisable at current levels. If DLF sustains above Rs 118 then traders can buy it for target of Rs 132 with stop loss at Rs 109.
Buy Hindalco: Hindalco is the strongest stock among metal shares it is making higher tops and higher bottoms consistently which is a bullish pattern. Traders should buy this stock on decline around Rs 170 with stop loss at Rs 160 for target of Rs 185-190.
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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