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Is the time right to book profit in Nifty stocks? Here's what charts say

The feeling of "opportunity loss" may haunt many; however keeping proper support level will not only give a sense of security but will also help to leverage other non-performing stocks.

Avdhut Bagkar  |  Mumbai 

Profit Booking
Profit Booking

The ongoing trend in the indices suggests resistance at higher levels, although they are not indicating any correction as higher levels are tested again and again. It could be a case wherein the is getting absorbed; however time will unfold the next move.

During the uncertain scenario, the question arises as to what should be done to safeguard one’s investment in Nifty50 stocks. There are eighteen stocks in the index which are trading near their 52-weeks high and two of them are close to hit a new high (Kotak Mahindra Bank and Larsen and Toubro).

As mentioned in several books that 'Trend is a friend', one needs to keep proper level to ride the rising stocks.

The feeling of “opportunity loss” may haunt many; however keeping proper level will not only give a sense of security but will also help to other non-performing stocks. Once the level is broken, one can start booking profits, as per the chart.

Three stocks that are trading near their 52-week lows are Mahindra & Mahindra, Hero MotoCorp, and Maruti Suzuki India. The trend seems negative, but, if these stocks form in an immediate term, then one can look for buying opportunities. List of 50 stocks that climbed 52-week high recently:-

Stocks Support Levels
Asian Paints Ltd. 1365
Axis Bank Ltd. 710
Bajaj Finserv Ltd. 7200
Bajaj Finance Ltd. 2950
HCL Technologies Ltd 1070
Housing Development Finance Corporation Ltd. 1880
HDFC Bank Ltd. 2200
ICICI Bank Ltd. 375
Infosys Ltd. 695
Kotak Mahindra Bank Ltd. 1260
Larsen & Toubro Ltd. 1240
Reliance Industries Ltd. 1280
Tata Consultancy Services Ltd. 2020
Tech Mahindra Ltd. 780
Titan Company Ltd. 1050
UltraTech Cement Ltd. 4300
UPL Ltd. 890
Wipro Ltd. 272

First Published: Thu, May 02 2019. 12:53 IST