The latest analysis and commentary by stock market guru Sudarshan Sukhani on what is moving the markets today.
He shared his views and readings on NIIT Technologies, United Spirits, Havells India, Dalmia Bharat, Bharti Airtel, Axis Bank, ICICI Bank, State Bank of India (SBI), Bajaj Finance, Reliance Industries, Titan, Tata Elxsi and Cadila Healthcare.
Sudarshan Sukhani said, "Midcap IT is also doing well and that momentum should continue to the end of the day, so Tata Elxsi is a buy, so is Titan. Titan corrected very little when the Nifty fell down and that is good news because it tell us it is an out-performer a relative strength is strong here. So, buy Titan it is doing well and the third is Cadila Healthcare from my favourite pharma space. Something or the other everyday comes up in the pharma. so three buying ideas all from midcaps."
Talking about buy calls, he said, “NIIT Tech is a buying opportunity, a strong uptrend is now imminent and it looks like getting into place.”
“A large downtrend is coming to an end in United Spirits. Its building a base and moving up,” he added.
“Havells has outperformed the broad market significantly. These are the midcap buying opportunities, of course they are intraday trades but all three of them lend themselves to being carried for a few days to a few weeks,” he further added.
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On short sell front, Sukhani said, “Dalmia Bharat – cement has gone all haywire except for ACC none of the other stocks are performing. Bharti Airtel unfortunately; it seems to be doing all the wrong things on the charts. So these are two intraday short sells.”
On sector front, he said, “Metals is not the place where we want to be. It will be IT, energy like Reliance and private sector banks like ICICI whenever this rally starts again. I think metals will underperform.”
“Watch out for Reliance. If the Nifty is going to go up it will be Reliance that will take it higher and not ICICI Bank today. So a dip in Reliance is a buy,” he added.
When asked about NBFCs, he said, “We buy Bajaj Finance. Today’s price action is taking it above a significant resistance level and that tells us that a large move is probably, a bullish pattern is being completed so buy it.”
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