The latest analysis and commentary by stock market guru Yogesh Mehta of Motilal Oswal on what is moving the markets today.
He also spoke at length on Reliance Industries, HCL Technologies and Larsen & Toubro (L&T).
“First trade is buy on Reliance Industries. Just couple of days back the stop has taken support at previous resistance zone so it is a classical example of resistances turning as a support. Overall we have seen better roll over in the last series and now longs are adding with some Put writing activity. So expecting next leg of rally in the Reliance Industries. One can buy with a stop loss of rs 1,377, on upside the stock has potential to move towards Rs 1,444 kind of levels. Second trade here we have selected to be with IT counter. For last two trading session we have seen the strong momentum in most of the IT stock. HCL Technologies, Tata Consultancy Services (TCS), Infosys we have seen positive momentum. So out of that we have selected to be with HCL Technologies. Overall trend is positive. The stock has taken support at its lower band of the trading range. It has been making higher ends and higher lows. Here we are expecting an upmove towards Rs 1,170 one can buy with a stop loss of Rs 1,090 levels.”
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