Watch out for ICICI Bank, SBI next week : Technical Trends
My selection for next week I told you about ICICI Bank, may be TCS and certainly SBI.
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| What is it that you are recommending this afternoon?
Sudarshan Sukhani: Today afternoon is not a good day to either buy or sell but because we do talk about stocks, there is a small-cap stock called SPARC. SPARC is a buying opportunity, look at a modest target of Rs 80 and a stop of 72.2. This was a stock that was once a highflier like most mid caps and small caps, it is now a little subdued, it is coming out. Second stock is Century Textiles, it is a buying opportunity.
Yesterday also I had suggested that of the three, Raymond, Century and Bombay Dyeing, in that order are relevant, Century is actually moving up today, so there is some opportunity to buy it. The third is a short sell and after five days, we have started getting these short sells, that is IVRCL Infra. We have seen a very sharp rally and any further decline on Monday should see IVRCL come down significantly.
What is it that you would be watching out for in the coming week?
Sudarshan Sukhani: I have not thought about it but so far just because we have seen a very decent correction today, even in spite of today’s correction, the short-term trend to my mind has not changed to down, it remains up. We went up and then there was this impression till today morning that we cannot go down at all. So the market said ‘no, it is not necessary’ but beyond that the short-term trend is up, so I would be looking at least on Monday to go long but I am not looking at small caps, certainly not at these names, which we keep on hearing. My selection is the larger ones. I told you about ICICI Bank, may be TCS and certainly SBI. ACC and Shree Cement are two cement stocks, I will be looking at but my focus is on the larger cap.
Sudarshan Sukhani: Today afternoon is not a good day to either buy or sell but because we do talk about stocks, there is a small-cap stock called SPARC. SPARC is a buying opportunity, look at a modest target of Rs 80 and a stop of 72.2. This was a stock that was once a highflier like most mid caps and small caps, it is now a little subdued, it is coming out. Second stock is Century Textiles, it is a buying opportunity.
Yesterday also I had suggested that of the three, Raymond, Century and Bombay Dyeing, in that order are relevant, Century is actually moving up today, so there is some opportunity to buy it. The third is a short sell and after five days, we have started getting these short sells, that is IVRCL Infra. We have seen a very sharp rally and any further decline on Monday should see IVRCL come down significantly.
What is it that you would be watching out for in the coming week?
Sudarshan Sukhani: I have not thought about it but so far just because we have seen a very decent correction today, even in spite of today’s correction, the short-term trend to my mind has not changed to down, it remains up. We went up and then there was this impression till today morning that we cannot go down at all. So the market said ‘no, it is not necessary’ but beyond that the short-term trend is up, so I would be looking at least on Monday to go long but I am not looking at small caps, certainly not at these names, which we keep on hearing. My selection is the larger ones. I told you about ICICI Bank, may be TCS and certainly SBI. ACC and Shree Cement are two cement stocks, I will be looking at but my focus is on the larger cap.
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