This stock is corrected from levels of around Rs 1,450 to Rs 1,270. Now it’s bounced back and is managed to move above its short-term averages. There will be some more strength in the stock probably it can head back to levels of Rs 1,360-1,370 in the short-term and a buy can be taken at a current price with a stop loss of around Rs 1,299.  

This is a stock which is waiting to breakout probably by the good news flowing in the sector or the kind of stocks. It can hit levels of around Rs 425 in the short-term and buy can be taken with a stop loss of Rs 359.

A lot of action is happening in the so-called stocks from the public sector undertaking (PSU) side, which could jump on the divestment bandwagon. This stock moved up nicely on Tuesday. We saw the stock breakout of its range of Rs 46 and Rs 37 and could head up to Rs 54-55 in the short-term. Hence, technically a good breakout above previous highs with good jump in volumes makes for a good buy call in the market which is very unsure where it is going. So ITI can probably hit to level of Rs 54. I would recommend a buy with a stop loss of Rs 45.50.

Auto looks like a strange sector because you have got weakness on charts of Hero Honda and Maruti, while Ashok Leyland and Tata Motors continue to look strong. Hence, Maruti looks like a sell. The stop loss would be around Rs 1,476 which is a level where the short-term averages are placed. I believe the stock will probably decline to levels of around Rs 1,375 and below.

Pantaloon’s chart looks very weak. It bounced back with the market but failed to get pass the short-term averages. It will probably come under more pressure. Short positions can be taken at the current price with the stop loss of around Rs 321. I expect the price to test levels of around Rs 265 in the short-term.  

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