Market Tomorrow: 3 trading ideas for Thursdays session by Sameet Chavan
NEW DELHI: Benchmark Sensex rose for a fourth session on Wednesday, powered by a sharp rally in IT bellwether TCS on strong quarterly results.
The BSE Sensex rose over 26 points to close at 36,265.93 — just shy of its lifetime closing high of 36,283.25 hit on January 29. The 30-share barometer has now gained 691.38 points in just four sessions, PTI reported.
Nifty closed at 10,948.30, up just 1.05 points, or 0.01 per cent.
“Since last three days we have seen a good move in the Nifty. It has been consolidating of late, but on Monday we did see a decisive breakout from near term model of 10,820 on a closing basis,” said Sameet Chavan, Chief Analyst- Technical & Derivatives at Angel Broking.
“On the higher side, 11,000-11,050 are the next level to watch out for. We are likely to see some kind of consolidation where one has to focus on individual stocks that are providing trading opportunities,” he said.
Here are three trading ideas for Thursdays session by Chavan:
Divi's Laboratories (Buy)
It has been consolidating, and on Wednesday we witnessed a good price volume breakout. Stock is poised for a decent up move. Rs 1,167 is the next level to watch out for and one can go long with a stop loss of Rs 1,096.
LIC Housing Finance (Buy)
We have been recommending this stock from the levels of Rs 465-466, and the stock is now on the verge of giving a breakout. So one can go long with a stop loss of Rs 481 and a target of Rs 522.
The stock is poised for a decent corrective move. It is on the verge of giving a breakdown from its recent swing lows. You can short McDowell for a target of Rs 585 with a stop loss at Rs 639.