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Last Updated : Jul 10, 2020 08:14 AM IST | Source: Moneycontrol.com

Trade Spotlight: TCS, IRB Infra, Tejas Network, Future Retail, IDBI bank in focus

The Nifty reclaimed 10,800 levels on July 9 but the bulls will only be able to take control once the index breaks above 10,900 levels.

 
 
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Indian market did recoup previous day's losses on July 9 but analysts are not convinced about the move and advise investors to remain cautious.

The Nifty50 reclaimed 10,800 levels but the bulls will only be able to take control once the index breaks above 200-Day Moving Average (DMA) placed around 10,900 levels.

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Swift price action was seen in stocks like TCS which fell 0.6 percent ahead of results. IRB Infrastructure hit a fresh 52-week high on July 9. The stock has rallied over 40 percent, so far, in the month. Tejas Network was locked in the upper circuit while Future Retail, and IDBI Bank have been hitting lower circuits for the past few sessions.

We have collated expert technical views on what should investors who missed the price action should do:

Expert: Vinay Rajani, Technical Research Analyst, HDFC Securities

TCS: Every dip should be considered a buying opportunity

The stock has registered a new all-time high at Rs 2,302 this week. It has seen a rally of over 54 percent since the bottom of 1,494 registered in March 2020.

Recently, TCS has shown a breakout above 2,132 levels, which happens to be the previous top on the short-term charts. Now, the level of 2,132 has become a strong support for the short-term.

TCS has been finding a strong resistance in the zone of 2,200-2,250 for the previous five quarters. In the current quarter, the stock has shown some signs of breaking out from this upper band of 2250.

Technology stocks are in demand world over and the same is being reflected in the benchmark Index “NASDAQ”, which has been hitting record highs.

TCS is looking bullish on all technical parameters and the stock should continue to do well in the coming months. Every dip should be considered a buying opportunity for investors.

IRB Infrastructure: Use dips to buy the stock| Support seen at 118-105

IRB Infrastructure hit a fresh 52-week high on July 9, and the stock has been in an uptrend, so far, in July as it has already rallied by about 40 percent from Rs 88.55 recorded on June 30 to Rs 124.85 on July 9.

The stock has surged more than 100 percent in the last two months. It has taken out the crucial resistance 120, derived from the previous top registered in Jan 2020.


Volumes in the stock have also zoomed in the last two months, which confirms the strength in the recent uptrend. Selected infra and construction stocks have been outperforming for the last couple of weeks.IRB has taken the lead in this midcap infra rally. Looking at the steep rally, it is advisable to utilise corrections to buy the stock with appropriate stop loss. Supports are seen at 118 and 105.

Tejas Network: Target Rs 75| Stop Loss 46

Tejas Network was locked in upper circuit for the past two sessions. The stock is in a Trade to Trade segment and has got 5 percent circuit levels.

It has broken out from the “Flag” pattern on the daily chart. Price action suggests that the stock is likely to extend the rally towards its 200-days SMA placed at 63-odd levels.

A break above Rs 63 can take the stock towards the next target of Rs 75. A stoploss can be placed below Rs 46.

Future Retail: Key support placed at Rs 100

Future Retail has been hitting the lower circuit for the past four sessions. The price has been moving on the basis of news flows. If the prices move below Rs 100, and sustains, then it could change the trend of the stock from bullish to bearish.

IDBI Bank: Rs 40 could act as a support

The stock has been hitting lower circuit for the past 3 sessions after a recent rally. The stock has gone 2.3 times from 17 to 56 in the span of just 4 months.

Corrections were bound to be there in the overall uptrend. The stock recently broke out from 40 levels and tested 56. Now, the previous resistance level of Rs 40 could act as support.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Jul 10, 2020 08:14 am
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