Sudarshan Sukhani: BUY Dr Reddy’s, IGL; SELL McDowell and LIC Housing
Technical analyst Sudarshan Sukhani has suggested two BUY calls and two SELL calls for traders today. Indian markets have been trading strong for last few sessions and NSE Nifty managed to close above 10,000 levels yesterday. Dow Jones gained nearly 500 points on Wednesday on hopes of new stimulus package from the US government. Indian markets are expected to trade in a narrow range for today’s session. We could see selling pressure at higher levels.
As pharmaceutical stocks are in focus during the COVID-19 pandemic and many of the medications have witnessed increased sales, market analysts have been tracking pharmaceutical stocks closely. Many pharmaceutical companies have touched 52-week high in the recent trading sessions. Sukhani suggests BUY call for Dr Reddy's with a stop loss of Rs 3,870, target at Rs 4,100.
Other stock on Sukhani’s radar for the day is IGL. Traders can Buy IGL with a stop loss of Rs 483, target at Rs 503.
Sukhani has suggested SELL call for LIC Housing and McDowell. Traders can initiate a Sell trade in LIC Housing with a stop loss of Rs 263, target at Rs 245. Sukhani also suggests Sell Call for McDowell with a stop loss of Rs 585, target at Rs 560.
TopNews will review trading call performance by the end of the trading session. Traders should keep strict Stop Loss for all trades.