How do you see the IT index going ahead after the sharp fall on Friday? Do you believe that going ahead, they will take a pause and then maybe in a couple of weeks continue their uptrend?
You have said it rightly that at present, the prices have fallen down with a gap. The gap area is very large and now the prices are at the 20-day moving average line. So, there are two supports for the IT index – 29,785 and 29,180. But there is quite a strong demand at lower levels. So, again, we could see a kind of a bounce back in this sector, but the trend has not significantly changed in the sector. It remains intact. Only this gap area has to be filled but I would say that one should not exit at current levels, wait for a bounce and then try to exit your positions.
What are some of the counters that are on your radar for next week and where would you like to bet on?
I would like to bet on BEML. It just formed a good rounding base pattern on the weekly chart and now on the daily chart, it has gone up sharply with good volumes. So one can buy at the current level, and keep a stock loss of 1634. On the higher side, we expect this counter to test the 1780, 1830 levels. The second stock one can buy is L&T. At current levels, it has shown a strong relational breakout pattern and one can keep a stop loss of 2536, and the target will be of 2680 and 2730 levels.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Education News Click Here
For the latest news and updates, follow us on Google News.
