The latest analysis and commentary by Sameet Chavan, Technical Analyst at Angel Broking on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about Zee Entertainment, Yes Bank, BEML, India Cement.
Speaking about individual stocks, Chavan said, “We have one buy and one short idea. Buy would be on BEML. This stock has corrected quite sharply and since last two days it has been consolidating around its 200 day moving average. So, from here on we would expect a decent bounce back move. So it is a contra buy from our end on BEML. Stop loss Rs 811.40 and we would expect a decent bounce back towards Rs 868.”
“On the short side we like India Cement. The entire cement space has seen a good move in last couple of months but this has been one of the underperforming stocks within this space. With the larger peer correcting, this stock has corrected below its important support levels now. So we would expect extension of this downward move. Our target remains at Rs 90 and one can go short at current levels, Rs 98.30 would be the stop loss here,” he added.Disclaimer:
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