By Shrikant chouhan
On last Tuesday, the benchmark indices witnessed range bound activity, the Nifty ended 20 points lower while the Sensex was down by 68points. Among Sectors, IT and Digital indices rallied over 1 percent whereas Reality index shed over 1.5 percent. Technically, after a promising reversal formation yesterday the market opened with a positive note but after a strong opening, it witnessed profit booking at higher levels.
LTIMindtree: BUY
CMP: Rs 4975 | TARGET: Rs 5220 | SL: Rs 4880
Post recent correction from the highs of around 5200 the stock went into a consolidation phase. Eventually, it has formed a rounding bottom chart formation with rising volume and retreated from the lower levels for a fresh leg of uptrend in coming trading sessions.
Tata Steel: BUY
CMP: Rs 123.15 | TARGET: Rs 130 | SL: Rs 120
The stock has shown a remarkable rally from the lows in the last few weeks and the trend of the stock is still in the rising direction. The higher high and higher low series on weekly chart formation is evident in the stock. Hence, the formation is indicating a bullish continuation pattern to continue in the near term.
L&T Finance Holdings: BUY
CMP: Rs 132.5 | TARGET: Rs 140 | SL: Rs 128
The counter is trading into a range bound mode for the last few sessions, and presently the counter is near the breakout line of the rectangle chart pattern. Hence, the recent price action indicates a breakout for a new leg of up move in the coming horizon
Grasim Industries: BUY
CMP: Rs 1835.8 | TARGET: Rs 1930 | SL: Rs 1795
The counter is trading in a rising channel constantly on the weekly scale. The higher high and higher low chart formations are apparent in the counter. Additionally, trend indicators such as MACD and ADX are showing bullish strength. Therefore, upward movement from the current level is very likely to remain in the near future.
(Shrikant chouhan, Head of Equities Research (Retail), Kotak Securities Ltd. Views expressed are the author’s own. Please consult your financial advisor before investing.)