Buy HDFC, Axis Bank, Lupin, M&M stocks to pocket gains; Nifty support at 15,700-15,750 By Shrikant Chouhan After a muted last week’s price action, this week’s opening was positive but post strong opening once again the Nifty 50 / BSE Sensex took resistance near 15780/ 52700 and corrected sharply. Despite sharp intraday fall indices one more time held 15630/52220 support level and reversed sharply. In contrast to Monday’s trade, today the market sustained after the initial round of profit-taking and quickly reversed back to 15800/52700 levels, which is broadly positive for the benchmark indices. Purely under the leadership of financials, the market has managed to close above the levels of 15800/52700. Housing Development Finance Corporation (HDFC) BUY, CMP: Rs 2,544.9, TARGET: Rs 2,670, SL: Rs 2,490 Post formation of the double bottom chart pattern, a strong recovery is seen in the counter with incremental volume activity on the daily chart, additionally, the stock has given a breakout of the supply trend line which endorses reversal of the trend for further up move. LupinBUY, CMP: Rs 1,165.1, TARGET: Rs 1,220, SL: Rs 1,140 Post correction from the highs of around 1250 the stock went into an accumulation phase, eventually, it has formed a rounding bottom chart formation with rising volume and retreated from the lower levels for a fresh leg of uptrend in coming trading sessions. Mahindra & Mahindra (M&M) BUY, CMP: Rs 781.15, TARGET: Rs 820, SL: Rs 765 On the monthly scale, the stock has presented a robust rally and presently the counter is trading in a range forming the Symmetrical triangle chart pattern. However, the recent price action indicates a strong breakout is very likely in the coming time horizon. Axis Bank BUY, CMP: Rs 770.75, TARGET: Rs 810, SL: Rs 755 The stock is into a gradual up move with higher high and higher low chart formation on the daily chart. However, on a broader time frame, the breakout from the Inverse Head and Shoulder chart pattern is evident which indicates a strong bullish movement to persist in the near term. (Shrikant Chouhan is Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author’s own.)
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in the mid-1990s. By 2022 the investment was valued at $47 billion.
2. Warren Buffett talked about his business partner Charlie Munger in his letter. He said they both think alike but what it takes Warren Buffett a page to explain, Charlie Munger sums up in a sentence. Charlie Munger’s version, moreover, is always more clearly reasoned.
The lesson for investors: “I will add to Charlie’s list a rule of my own: Find a very smart high-grade partner – preferably slightly older than you – and then listen very carefully to what he says,” Warren Buffett said.
3. Warren Buffett emphasised that his long-time business partner Charlie Munger and he are business pickers, not stock pickers. He further said that efficient markets exist only in textbooks.
“We own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business pickers,” Warren Buffett said.
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