2 Tata Stocks Among 24 Showing Negative Trends

There are 24 stocks, including that of two from Tata Group, are showing a strong negative trend reversal, according to leading brokerage firm Prabhudas Lilladher. As per the research note of technical research analyst Vaishali Parekh, the firm's Vice-President (Technical Research), investors may sell these stocks as their fall can prove to be harmful. Along with stock suggestions, she has also shared her insights about Nifty and Bank Nifty.

Insights on Nifty & Bank Nifty

In the research note, Parekh mentioned that Nifty witnessed another day of cooling off with IT, pharma, PSU banks and auto stocks among the major counters witnessing profit-booking dragging the index close to the 18550 zone.

"One can say, the index has taken a breather before arriving at the landmark of the previous peak zone and the 18450 level is maintained as the crucial support zone from where the pullback recovery can be anticipated. The support for the day is seen at 18450 levels while the resistance is seen at 18700 levels," her note said.

"BankNifty again witnessed sluggish movement hovering near the 44000 zone and with mixed bias witnessed among the frontline banking stocks, some conviction needs to be established before we confirm a directional move of the index," it added.

For the BankNifty the important levels, with the crucial support zone lying near the 43700 level whereas the 44500 zone remains as the resistance barrier which needs a decisive breakout. BankNifty would have a daily range of 43600-44400 levels.

Stocks showing negative trend

The 24 scrips showing negative trends are: Bajaj Auto, Bosch, Colgate Palmolive, Federal Bank, Glenmark Pharmaceuticals, Havells, HDFC Amc, Heromotor Corp, Hindalco, Himadri Speciality Chemical, ICICI Lombard, ICICI Prudential, Ipca Laboratories, Maruti Suzuki India, NMDC, PVR Inox, Rain Industries, Reliance Industries, Steel Authority Of India, Shree Cement, Sun Pharma, Tata Chemicals, Tata Steel and UPL.

Additionally, she has even suggested buying a stock of Dhampur Sugar at a call rate of Rs 278, with a target price of Rs 302 per share at a stop loss of Rs 270 per share. Its latest traded market price is Rs 278.10 per share, which is marginally up 0.05% on an intraday basis.

Disclaimer

The stocks have been picked from the brokerage report of Prabhudas Lilladher. Greynium Information Technologies, the author or the brokerage house will not be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.