The BSE Sensex could be range bound on Thursday, but real action will likely be seen in broader market, where stocks are coming out of hibernation.
Foreign investors also seem to have shifted to smaller names as large cap stocks have become expensive. The scramble for mid & small cap historically has signaled a near-term top for the market.
For today, these three pairs in auto, banks & telecom should make money.
Trading calls for today:
Longs:
1. Buy Maruti Suzuki: 2370, stop loss 2320, target 2440
2. Buy Bharti Airtel: 353, stop loss 346, target 369
3. Buy Oriental Bank of Commerce: 360, stop loss 353, target 387
Shorts:
1. Sell Tata Motors: 423, stop loss 431, target 400
2. Sell Idea Cellular: 136, stop loss 140, target 123
3. Sell Yes Bank: 581, stop loss 590, target 540
Book profits:
1. Info Edge India: Recommended on 25 April @ 575, 3 month target 768. Target achieved. (Return of 33 per cent)
2. Shree Cement: Recommended on 29 April @ 5750, 3 month target 7270. Target achieved (Return of 26 per cent)
3. Prestige Estates: Recommended on 30 April @ 170, 3 month target 220. Target achieved (Return of 30 per cent)
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