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  1. Technical calls: Buy ONGC, YES Bank, Sun Pharma; Sell IGL

Technical calls: Buy ONGC, YES Bank, Sun Pharma; Sell IGL

Benchmark NSE Nifty slipped below the psychological mark of 8,700 on Monday on account of weak global cues.

By: | New Delhi | Updated: September 12, 2016 12:30 PM
bse sensex, nse nifty, market outlook wednesday Benchmark NSE Nifty slipped below the psychological mark of 8,700 on Monday on account of weak global cues. (Photo: PTI)

Benchmark NSE Nifty slipped below the psychological mark of 8,700 on Monday on account of weak global cues. The 30-share Sensex tanked over 500 points in early trade. Selling in real estate, banking, automobile, capital goods, finance, FMCG, metal and power stocks further dented market mood on the first day of week. At 12.18 pm, Nifty 50 index was trading 127 points down at 8739.70, while Sensex was trading 379.67 points down at 28417.58.

Meanwhile, Abnish Kumar Sudhanshu, director and research head, Amrapali Aadya Trading & Investments gave his technical calls on ONGC, YES Bank and Tata Power with ‘Buy’ rating. However, he is bearish on IGL shares.

ONGC
Recommendation – Buy
Target Price: Rs 270, Stop Loss: Rs 244
After consolidating near 240 ranges the stock has break out on Thursday and on Friday it was trading higher than its Thursday’s closing level making a case for new bull run. We believe the stock can touch Rs 270.

Tata Power
Recommendation – Buy
Target Price: Rs 85, Stop Loss – Rs 75
We believe the stock will continue to trade on the higher side and it is likely to reach 85 in coming days.

Sun Pharma
Recommendation – Buy
Target Price: Rs 855, Stop Loss: Rs 780
The stock has strong support around 780. On Thursday’s trade it break out on the higher side and Friday’s dip in the stock is a buying opportunity for the target of 855 with SL at 780.

YES Bank
Recommendation – Buy
Target Price: Rs 1,370, Stop Loss: Rs 1,270
We expect the stock to move higher from on bottom buying opportunity.

IGL
Recommendation – Sell
Target Price: Rs 740, Stop loss: Rs 790
On daily the stock is on a correction mode after the recent rally. It made a gravestone doji candle on Thursday and continually falling on Friday’s trade. The stock is likely to test a level of 740 before it bounce back.

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