Even at these levels there is a lot of steam left. Fundamentally, it looks a bit expensive but the momentum can take it to levels of about 185-190.
e have seen this stock move up in the last two-three days from that 2150 levels to closer to 2250. Therefore, the downside is decently large.
We have seen a good consolidation and after that the stock has broken out. It should not go down much from here. The maximum downside is 260-265.
We have a sell on Larsen & Toubro. There is some possibility of a negative price pattern being formed.
Tata Motors has already moved up because we have seen some strong volume activity.
Hindustan Petroleum is a buy with a stop of about 304 and a target of 321.
Allahabad Bank is a buy with a stop of about 143 and a target of 154.
Sun Pharmaceutical is a buy with a stop of about 700 and a target of 725.
Hindustan Oil Exploration is a buy with a stop of about 96. Look for a target of 110. 95-100 is a fairly strong support zone for the stock.
Tata Global Beverages continues to make new highs even in a weak market. The stock is a buy with a stop of about 162 and a target of 175.
Reliance Communications can go up to levels closer to 61.50 or 62 and keep a stop below levels of 56 and trade it long.
With the way the stock is moving, it seems a base formation is on. Keep a stop below 11 and trade long. The stock can climb to levels closer to 30.
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