Web Exclusive: Trading strategies for IT, banking stocks

Wipro has shed nearly 10% in today’s session on weak revenue guidance for the Q1FY14, while a number of banks will announce their March quarter results later this week. Check out the trading strategies with Navneet Daga, derivative analyst, KR Choksey Securities


Smartinvestor : The Nifty has moved up nearly a per cent today. Is the uptrend sustainable? What are the key levels you are keeping a tab on?

Navneet Daga : Well current uptrend in nifty is looking likely overdone we are looking for a pull back, towards 5770 kind of zone to initaiate longs, we think upmove had been very strong move from banks sides, with aggresive put writing in the zone of 5600 levels suggesting downside floor level is been put in markets and every dip will be supported with buying.
 

Smartinvestor : Capital goods stocks like L&T, Welspun and Alstom India have logged smart gains in trade today. What strategy should one adopt regarding these three?

Navneet Daga : Well from capital goods LT and BHEL and crompton looks interesting at current levels, BHEL looks good for 195 levels and Crompton towards 100 levels on long side.

Smartinvestor : Information technology (IT) seems to have fallen out of flavour after Infosys and Wipro announced their Q4FY13 results. How do the frontline stocks - TCS, Wipro and Infosys - look on the options front?




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