10 Stocks to Go Long On

The Economic Times - - Companies -

The Nifty crossed the cru­cial 200-day mov­ing av­er­age (DMA) on Mon­day for first time in eight months, sug­gest­ing the bullish mo­men­tum could last for a while. When an in­dex or a stock closes above the 200-DMA, it is said to be in a long-term up­trend.

“Nifty cross­ing the 200-DMA is pos­i­tive for the mar­kets,” said Na­garaj Shetti, tech­ni­cal re­search an­a­lyst, HDFC Se­cu­ri­ties. “We ex­pect the up­trend to con­tinue to 8,000 level in the im­me­di­ate term, with sub­se­quent in­dex tar­get level at 8,350.” Shetti ex­pects shares such as In­fosys, Hero Moto, M&M and oth­ers that have bro­ken the 200-DMA to clock fur­ther gains.

“We ex­pect Nifty to find some re­sis­tance at 7,972, while de­riv­a­tives data in­di­cate max­i­mum call op­tion build up at 8,000 lev­els, which can be­come re­sis­tance for the mar­kets in the im­me­di­ate term,” said He­mant Na­hata, head of de­riv­a­tives at In­dia In­foline. “Socks such as In­fosys, UltraTech, Eicher and oth­ers, trad­ing above 200-DMAs, also have strong fun­da­men­tal story along with tech­ni­cal trig­gers.”

— Biswa­jit Baruah

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