By Riyank Arora
On Tuesday, the benchmark index opened unchanged and ended on a flat note towards the close. The Nifty ended 3 points higher, while the Sensex was up by 165 points. Among sectors, the Nifty Realty Index led the fall, dropping nearly 34 points in today’s session.
Most of the PSU Banking stocks saw profit booking in today’s session. Technically, the market is trading well above its major support level of 22,225. The major resistance lies at 22,450 levels. Overall, the trend remains positive, and we can expect the index to trade within this range for some time.
Stock Recommendations:
HEG
BUY | CMP: 1793.95 | TARGET: 2000.00 | SL: 1700.00
The stock gave a good breakout above its February 23rd high and also saw a significant volume pickup in today’s session. The volume in today’s session was nearly 5 times its average 30-day volume, and with the price breaking out above its important resistance mark, we can expect targets of 1970 and 2000 in the near term with a strict stop-loss placed at the 1700 mark.
TCS
BUY | CMP: 4192.25 | TARGET: 4400.00 | SL: 4150.00
The stock has given a good breakout above its recent resistance mark of 4184 on its daily charts. As per technicals, the overall momentum and strength are looking bullish, and the stock looks poised for an up move towards 4400 and above. A strict stop-loss should be kept at the 4150 mark for long positions.
Tata Communications
Buy | CMP: 1987.65 | SL: 1925.00 | Target: 2100.00
The stock is seen to be re-testing its breakout level on the daily charts. With the overall trend being positive and the stock holding strong despite negative market sentiments, it seems poised for a good up-move towards 2100 and above in a short span of time. A strict stop-loss should, however, be kept at the 1925 mark for all active longs.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)