Nifty is likely to trade in range between 8,570 on downside and 8,900 on the upside and any rise in Nifty should be used as a selling opportunity, says Jay Thakkar, senior technical analyst with Sharekhan.
Stock Talk
Wockhardt Pharma: The stock is highly volatile among pharmaceutical stocks. In long term it can go up to levels of Rs 2,000-2,200, however given the volatility investors should not buy at current levels.
Buy Tata Steel: The stock looks good from medium to long term perspective and those who hold should continue to do so. In near term this stock can go down to Rs 320.
Reliance Communications: Investors should avoid going long or short in this stock.
Exit Bharti Airtel: The stock is trading in a downward sloping channel and it can go down to Rs 200-220 levels. Investors who have this stock in their portfolios should book profits at current juncture and exit this stock.
Buy Reliance Industries: The stock has been in range where in it faces resistance around Rs 1,100-1,120 and Rs 900-950 is important support. The stock if closes above Rs 1,120, can trigger a fresh bull run in Reliance Industries.
ITC: Investors should hold this stock as long as it stays above Rs 240 for target of Rs 275-280.
Yes Bank: The stock had good run from Rs 700 to 1,400 and the recent correction does not change the view that in long run it will go up to Rs 2,025-2,450. However, if this stock corrects to Rs 950 it will be a good level to buy.
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