'BUY' OR 'SELL' ideas by experts for Wednesday, January 04

NEW DELI: Indian markets are expected to trade in a range tracking muted Asian markets. However, analysts are positive the up move in the markets could be sustained for another couple of days ahead of the earning season.

BSE Sensex closed over 400 points higher on Tuesday led by sustained buying in metal, realty and banking shares amid positive global markets.
 
According to analysts, Indian markets rallied on expectations that the RBI may cut rates in its policy meet due later in the month while positive global cues helped the rise.  
 
“The daily chart of Nifty showed positive divergences in multiple technical indicators like RSI and stochastics suggesting that the rally was due to happen. The Nifty is still technically oversold and hence a pullback rally from here is likely to last longer than most expect,” said Vinit Pagaria, VP – Investment Strategies, Microsec capital Ltd.
 
“Sensex heavyweights like Reliance Industries, State Bank of India, Larsen & Toubro, Infosys Technologies, BHEL etc looks pretty strong which may pull the index higher up to 4910 in the next few trading sessions,” added Vinit.
 
There is a strong possibility of Nifty testing 5050 in January itself while 4600-4640 is likely to act as a strong base.

"The 50-share Nifty index closed near its important support level of 4780 on Tuesday and if the index sustains above this level it will add further to the momentum going forward," said Rakesh Gandhi, Sr Technical Analyst of LKP Securities Ltd.

"From here, the current up move could once again weaken only if Nifty breaks below 4680 and from a trading perspective one can use declines to buy and exit if this level is broken on closing basis," added Rakesh.

Click here for Views & Recommendations
 
ET Now spoke to various experts and here’s what they have to recommend for today’s trade:

Ashwani Gujral of ashwanigujral. com

Tata Global Beverages Ltd is a ‘BUY’ call with a target of Rs 102 and a stop loss of Rs 90

Bhushan Steel Ltd is a ‘BUY’ call with a target of Rs 348 and a stop loss of Rs 327

Tata Motors Ltd is a ‘BUY’ call with a target of Rs 208 and a stop loss of Rs 186

Wipro Ltd is a ‘BUY’ call with a target of Rs 430 and a stop loss of Rs 405

Infosys Ltd is a ‘BUY’ call with a target of Rs 3000 and a stop loss of Rs 2800

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services

Wipro Ltd is a ‘BUY’ call with a target of Rs 432 and a stop loss of Rs 408.30

Siemens Ltd is a ‘BUY’ call with a target of Rs 693 and a stop loss of Rs 653

Bank Nifty is a ‘BUY’ call with a target of Rs 8550 and a stop loss of Rs 8230

Mitesh Thacker of miteshthacker. com

Dr Reddys Laboratories Ltd is a ‘BUY’ call with a target of Rs 1660 and a stop loss of Rs 1578

Rolta India Ltd is a ‘BUY’ call with a target of Rs 68 and a stop loss of Rs 56.90

Engineers India Ltd is a ‘BUY’ call with a target of Rs 234 and a stop loss of Rs 207

GMR Infrastructure Ltd is a ‘BUY’ call with a target of Rs 24.50 and a stop loss of Rs 20.90

Neyveli Lignite Corporation Ltd is a ‘BUY’ call with a target of Rs 82 and a stop loss of Rs 72.75