Stock Market Today Indian shares were trading mildly higher at open, a day after equities rounded off another day of gains and a fresh all-time high yesterday. Trading in Stock tips got off to a positive start on the Indian bourses this morning.
Tata Motors
“Tata Motors is in a
clear up trend. It was at levels of even Rs 360-370 where continuously I was
advocating buy call and even from Rs 320 onwards, technically it has given a
clear breakout. Even yesterday, I have seen a breakout above levels of Rs 398
and for a very short-term Tata Motors is headed towards levels of Rs 422."
"Once it crosses Rs 422, I can even see levels of Rs 440 and Rs 480 to
come on Tata Motors. However, a strict stop loss at Rs 400 is important and for
an investor with a an intermediary timeframe who is looking for a bigger target
of Rs 440 and Rs 480 can keep sop loss somewhere at around Rs 380," Equity
research lab said.
Axis Bank
“Axis Bank was a clear sell from levels of Rs
495. Keeping aside the fundamental news of asset quality issues, technically it
has given a clear breakdown. Even Rs 500-530 zone was a very stiff resistance
for Axis anyhow and now the stock is definitely headed downwards. It can see
targets of Rs 450 and one can keep a stop loss of Rs 471 for a fresh
trade." "However, Rs 450 is a very big support on Axis Bank. By
chance if you see any break of Rs 450, the stock is further headed downwards
and it can even test levels of Rs 375-400. However, this will happen only if it
fails to sustain levels of Rs 450," he added.
Marico
"To search stocks which are on the buy
list is very tough in markets. Like today you have seen a breakdown and you can
see both Nifty and Bank Nifty having opened at open high formation and trading
well below yesterday's close. It is very tough to find stocks on the buy side.
However, Marico is a good stock and for all timeframes, even for someone who
has six months to one year timeframe; it will be a good stock to own."
"Yesterday, results were very good. Bonus issue was also announced and
even technically this stock has seen a consolidation in the range of Rs
380-420. If I see a fresh breakout above Rs 420, the stock can test levels of
even Rs 450-460. So, one can definitely buy this stock,"."For a
trader, I recommended a stop loss of Rs 400 with a target of Rs 425 and for
someone who has a longer timeframe, look for targets of Rs 460 and keep a stop loss
at Rs 380."
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