Better save on quality stocks in portfolio
Market continues to attract the momentum and it is likely to continue for some more time in future
image for illustrative purpose
Mumbai: Market continues to attract the momentum and it is likely to continue for some more time in future.
"So, I am sure that the market, on its reopening on Monday, will be driven by money which is momentum-based. My advice to the retail investors will be to save on quality stocks in the portfolio when it reopens on Monday, says Deven Choksey, MD of KR Choksey firm. As global investors cheered a potential Brexit deal and economic recovery prospects, Asian shares were also on a rise reflecting the global cues. Increase in US inventories of crude lifted investors' hope for return in fuel demand resulting in increase in Oil prices which rose more than 2 per cent. Technology and FMCG stocks such as TCS, Infosys, ITC and Hindustan Unilever were among the top contributors to the uptrend today.
"Positive global cues and gains in banking and pharma stocks pushed domestic markets higher," says Ashis Biswas, Head of Technical Research at CapitalVia Global Research Ltd. - Investment Advisor.
Stock Picks
♦ DMART above 2715 with a target of 2750 and Stop loss of 2680. It is trading in an upward trending channel and has reversed from its support.
♦ ALKEM above 2940 with a target of 2980 and Stop loss of 2900. It has a support of 8 and 40 DMA.
♦ DIVISLAB above 3770 with a target of 3825 and Stop loss of 3730. It has the support of 21 and 55 DMA.
♦TATA ELXSI above 1810 with a target of 1845 and Stop loss of 1775.It is trading in an upward trending channel.
♦ HINDUSTAN UNILEVER above 2410 with a target of 2440 and Stop loss of 2385. It has formed a support of 21 DMA and has reversed from the same.
(Source-CapitalVia)
