Jul 08, 2016 03:39 PM IST | Source: Moneycontrol.com
Support for Nifty at 8150; pick HUL, Lupin: Manish Hathiramani
Manish Hathiramani, Proprietary Trader & Technical Analyst at Deen Dayal Investments and owner of manishhathiramani.com is of the view that Nifty has key support at 8150 and resistance at 8400.
Key levels to watch out for:
Yesterday, the markets were languid - vacillating in a 50 point range with lackluster volume. We could attribute this tepid movement to an extended mood of the Eid holiday. It is quite possible that volumes pick up from Monday onwards as we kick into a new week of trading.
The key resistance of Nifty is 8400 in the short term - maybe for the July series. Until we do not conquer that level on the back of healthy volumes, I do not suppose we will see a meaningful up move.
On the converse, 8150 is a key support level which the market must hold. So, we do not pass the baton in the hands of the bears. If we can cross 8400, we could see 8500-8600 and if we break 8150, the markets could go down to 8000.
We are in a market which is very stock specific and not sector specific as it used to be before. Vedanta and Hindalco Industries have been active on the positive side today while Tata Steel closed in the negative. The HDFC twins were positive in the financial space while State Bank of India and ICICI Bank closed in the negative.
I am of the opinion that the following stocks are interesting trading picks over the next few sessions:
Hindustan Unilever for a target of Rs 950
Lupin for a target of Rs 1740
Axis Bank for a target of Rs 560
Bharat Heavy Electricals for a target of Rs 150