Trading Ideas: Five stocks you can buy on a decline

Check out the trading strategies for key frontline and mid-cap stocks with Mudit Goyal, technical analyst, SMC Global


Smartinvestor : The markets have been trading flat since morning. What are the chances that the Nifty will take out 6,100 in the next few days, or are we headed for a correction from hereon?

Mudit Goyal : Technically, nifty is continuously trading in higher highs and higher lows sort of “Rising Channel “on daily charts which is bullish in nature. Short term strategy should be “Buy Nifty on every dips for the target of 6130-6150” .On the downside; 5980-5950 would be near term support zone.
 

Smartinvestor : Are there any stocks in the Nifty pack that one can buy on a decline? Can you suggest targets

Mudit Goyal : LONG: AMBUJACEM tgt 205-210 TATASTEEL tgt 340-350, CAIRN tgt 325-330, HDFC tgt 930-950 and HDFCBANK tgt 740-760

Smartinvestor : Where do you see the CNX IT headed? Can one buy TCS, Infosys or Wipro on a decline?

Mudit Goyal : CNXIT can give decent upside from current levels. Yes, one can initiate long for WIPRO tgt 375-385, TCS tgt 1580-1600 and INFY tgt 2500-2550 in near term.

Smartinvestor : What's happening to the pharma pack? Sun Pharma, Wockhardt and Opto Circuits are among the key losers today

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