Nifty on Friday took support at 7,920 levels and every dip towards levels of 8,000 should be used as a buying opportunity for target of 8,240, says Swati A Hotkar, technical research analyst with Nirmal Bang Securities. If Nifty break above 8,240 it can go up to levels of 8,300, she says.
Buy Kotak Mahindra Bank: Investors can buy Kotak Mahindra Bank on dips or around current market price with stop-loss at Rs 730 for target of Rs 750-760. (Watch)
Buy HeidelbergCement India: Investors can buy this stock at current market price with stop-loss at Rs 104 for target of Rs 115-120.
State Bank of India: The stock is looking good on charts and has important support at Rs 200 and faces resistance around Rs 220. If SBI breaks above Rs 220, it can go up to levels of Rs 230. Investors should wait to buy this stock either on a breakout above Rs 220 or on dips around Rs 199-200.
Avoid Punjab National Bank: This stock showcased a short-covering rally. Currently stock is closer to its 200-day moving average of Rs 104-105 and will not suggest buy at current levels as it has rallied from levels of Rs 74. Investors can buy PNB on dips around Rs 90.
Buy SKS Microfinance: On every dips, the stock is witnessing good buying interest. Investors who are looking to buy this stock for 2-3 month time horizon can do so at current levels and from trading perspective investors can buy SKS Microfinance on dips around Rs 660 with trailing stop-loss of Rs 640 for an upside target of Rs 740.
Buy Aditya Birla Nuvo: Investors can buy this stock on dips or at current levels for target of Rs 1,150 with stop-loss at Rs 1,050.
Avoid Biocon: The stock has rallied sharply from levels of Rs 450 to Rs 700 and investors should not buy at current levels as risk-reward is not in favour of going long at current juncture. But any decline towards Rs 650 should be used as a buying opportunity.
TCS: The stock is trading near its 200-day moving average (DMA) of Rs 2,450. Investors can buy TCS around Rs 2,450-2,460 with a strict stop-loss at Rs 2,440 for target price of Rs 2,580-2,590.