Gains in Asian stocks supported Indian equities Tuesday. However, there was no follow through buying because the rupee traded lower after three days of gains.
Independent analyst Sarvendra Srivastava said that markets are in the midst of a pullback rally and any signal of a trend reversal would come only when Nifty closes above the 5,000 mark.
Here are six trading ideas recommended by Srivastava. These calls are based on technical charts.
1) ICICI Bank:
Buy with a target of 880 and a stop loss of 804.4.
2) Bank of Baroda:
Sell with a target of 655 and a stop loss of 702.6.
3) JP Associates:
Buy with a target of 69 and stop loss of 59.4.
4) Ambuja Cements:
Sell with a target of 135 and stop loss of 147.4.
5) Hero MotoCorp:
Sell with a target of 1790 and a stop loss of 1886.
6) HUL:
Sell with a target of 400 and a stop loss of 421.6.
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