10 Stocks to Go Long On
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