It is too early to say that the correction is over in stock markets as Nifty is continuously making lower tops but at the same time it is not making lower bottoms, says Jay Thakkar, senior technical analyst at Sharekhan. Nifty is trading in a narrow range between 8,500 on the downside and 8,800 on the upside and traders should go short only if Nifty moves below 8,500 and those who are long should keep stop loss at 8500, adds Mr Thakkar. He advises traders to avoid trading in the index as long as its stays in this range.
Stock Talk
Buy Schneider Electric: The stock has given a good breakout and is forming higher top, higher bottom formation on charts. Traders can buy this stock for target of Rs 190 with stop loss at Rs 147.
Buy JBM Auto: The stock has given a good breakout on charts and traders can buy this stock for target of Rs 275 with stop loss at Rs 220.
Buy Zuari Agro: Traders can buy Zuari Agro for target of Rs 215 with stop loss at Rs 180.
Buy Sterlite Tech: The stock gave a good breakout in Friday's session and traders can buy Sterlite Tech for target of Rs 119 with stop loss at Rs 92
Buy Tata Steel: Investors can buy Tata Steel on dips from a long-term perspective. But short-term traders should avoid taking position in Tata Steel.
Buy Tata Motors: The stock had run up sharply and is continuously forming higher top, higher bottom formation on charts. It has room to go further up and it can go up to Rs 600. Investors should buy this stock on dips
Avoid ICICI Bank, Bank of Baroda: These shares can break below lows made in February. Traders should avoid buying these shares.
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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