INDIAN INDICES
Nifty made high of 11794 and corrected around 3% to close at 11333. 11800 is one of the major resistance for the market. Bank Nifty fell the highest around 6.17%.
Nifty has taken support at 20 DEMA previously and made higher highs where as in last week it has closed below 20 DEMA.
On weekly chart, we can see bearish engulfing candle and correction to levels of 11100 and 10800 cannot be ruled out.
Our View is, this is a correction and not a Trend reversal yet. Wait and watch will be the right approach and avoid longs and leverage.
MARUTI SUZUKI
Maruti Suzuki is one of the strongest stock and hasn't corrected much. It is still trading above 20 DEMA and momentum indicator is in bullish territory. Any dip in this stock should be bought.
Nestle India is trading above 20 WEMA (Week Exponential moving average) and it has taken support multiple times around this moving average. This can be bought for long term.
TATA MOTORS
Tata Motors is trading above 50 Week moving average and making higher high. Any dip to 135 levels should be used to buy this stock. Potential target is 180-210 rs.
Comments
Post a Comment
If you have any queries please contact me