Sudarshan Sukhani suggests Buy Call for Castrol India, Shriram Transport and Escorts
Technical analyst Sudarshan Sukhani of s2analytics.com has given BUY Call for Castrol India with stop loss at Rs 147 and target of Rs 154. Indian Markets have been battered last week and yesterday’s pullback rally wasn’t able to sustain at higher levels. However, markets might start moving up and there shouldn’t be much of a downside from current levels.
Sukhani has also given BUY Call for Escorts. For Escorts, Sukhani has given a call with stop loss at Rs 830 and target of Rs 860.
Among other stocks, Mr. Sukhani has also suggested Shriram Transport and Jubilant Foodworks.
Buy Shriram Transport with stop loss at Rs 1260 and target of Rs 1315
Domino’s main franchisee in India, Jubilant Foodworks is on Sukhani’s sell list. Sell Jubilant Foodworks with stop loss at Rs 1680 and target of Rs 1625.
The market witnessed a sharp sell-off from higher levels after a first-half rally which was on the back of pullback rally in Dow future. The pullback was weak towards 11400 and news of new Coronavirus cases in India led this sharp fall while the global markets were trading into the green.
Technically, Nifty bounced back from major support zone of 11200-11100 but failed to sustain at higher levels while Nifty manages to hold 11100 on a closing basis. Tomorrow would be important day post today's panic sell-off because generally market tries to bounce back after a panic sell-off where FIIs net long position in F&O market at historic low which may cause a short-covering rally but there is a need for smart pullback in global market otherwise psychological level of 11000 is under threat where 10700 would be the next important support level. In the upside 11450/11700 are important resistance levels.