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Buy TVS Motor Company, NMDC; sell Grasim Industries

The veteran technical analysts believe that one can buy TVS Motor Company and NMDC and can sell Grasim Industries.

It was observed that stock specific action is likely to be in the market, selective midcap stocks also can do well. Hence, analysts suggest to go long in TVS Motor Company.

On the weekly and monthly charts, it was observed that major trend of the counter is quite positive. Analysts also observed that it has recently taken support at its rising trend line and added built up of long position. Therefore, you can expect a fresh new high in the counter. You must keep a stop loss of Rs 710 for an upside target towards Rs 765.

On the other hand, NMDC has given a breakout from its symmetrical triangle pattern on daily charts.

On daily charts, you can see an inverse head and shoulder pattern. Hence, it can be concluded that both the patterns are doing well and indicating further movement of 5-7 percent. Therefore, one can buy NMDC for next couple of days with a stop loss of Rs 128 for an upside target towards Rs 143.

You can sell Grasim Industries with a stop loss of Rs 1,178 and the stock has potential to head towards Rs 1,100 zone. According to experts, it has formed a negative price pattern and broken its rising support trend line.

It was also observed that it has also negated the formation of higher highs, higher lows on the monthly chart after continuous rally of 11 months. Therefore, some weakness or profit booking could be seen in Grasim.

This post first appeared on Share Market News In Hindi, please read the originial post: here

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Buy TVS Motor Company, NMDC; sell Grasim Industries


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