ITC and Dr Lal Path Labs are the Top Buy of the Week. Know Why?
The pandemic crisis across the globe did not let our markets go beyond the recent consolidation range. However, considering the dark times, we certainly have outperformed our global peers significantly as we did not fall as much as other global indices.
It would be wise to mention a few key levels for Nifty, 14,540 followed by 14,400 are key levels.
A sustainable move below the lower range would certainly dent the possibility of some positivity in the short term. On the flipside, 14,750 – 14,830 are key hurdles. If we have to regain strength then Nifty needs to go beyond 14,830 first.
We continue with a stock-centric approach. It is advisable to stay light and avoid aggressive bets till the time global volatility subsides.
Here is a list of stocks for the next 1-3 weeks:
Maintain: BuyLTP: Rs 212Target: Rs 222Stop Loss 202Upside 5%
On Friday, we unexpectedly witnessed a surge in prices along with sizable volumes. Thus with the hope, it will continue its momentum, we recommend going long on a minor dip towards Rs 209 – 207 for a target of Rs 222 in the coming days. A strict stop loss can be placed at Rs 202.
2. Dr Lal Path Labs:
Maintain: SellLTP: Rs 2,721Target: Rs 2,600Stop Loss: Rs 2,792Downside 4%
Momentum traders can look to go short for a target of Rs 2,600 in the coming days. A strict stop loss can be placed at Rs 2,792.
“We advise traders to continue with a stock-centric approach. It is advisable to stay light and avoid aggressive bets till the time global volatility subsides,” said Sameet Chavan.