Tuesday, 30 January 2018

TOP STOCKS TO FOCUS IN BUDGET WEEK


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HDFC: BUY ABOVE HDFC ABOVE 1950 TGT 2100/2200 SL 1800 
HDFC posted a historical close at  1,943 levels as bulls continue to dominate the northern trajectory, which could push the stock ABOVE 1950 price to  2,200 levels in the short term.

Reliance Industries: BUY ABOVE 950 TGT 980/1020 SL 905
This counter appears to be in a multi-week corrective and consolidation phase after hitting a lifetime high of 988. Hence, a current breakout above this high couple of days back with a gap up is encountered with selling pressure. However, as strong support is placed in the zone of 940-934, breakout above 960 with a target of 1020. A stop for the trade should be a close below 934.

ITC: BUY ABOVE 275 TGT 295/304 SL 258
looking at past couple of weeks’ price action, it appears that the stock is out of its ‘Sleep Mode’ and poised for a decent up move.The strong base building process has already been done around 250 – 260 and unless we don’t see any unfavorable outcome from the budget (excised duty on cigarettes), this stock is likely to do well in coming weeks.Considering it’s over sensitiveness to this announcement, traders are advised to follow strict stop loss at 258 for any long positions. One can look to buy around 275 for a target of Rs.304.

Motherson Sumi Systems Ltd: SELL NEAR 370 TGT 350/340 SL 389 
Looking at the daily chart, the stock has been in a long-protracted uptrend since past several months and in that optimism, the stock hit a fresh all-time high of around Rs396, we are observing three-point bearish divergences on the weekly chart. Hence, we advocate traders to go short in this stock around Rs370-375 with target of 340 and a stop loss placed at Rs389.


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