Two Stock Ideas for Next Week by Nooresh Merani

Overall, structurally trend still positive but still a lot of problems little hatspeak Nooresh Merani, independent technical analyst. Edited excerpts:

Your rating on how market shaped?
Overall, it’s been a week where we’ve seen a bit of consolidation and now we’re forming a new range. In the last three, four sessions, we bottomed around 17150 to 17200 and recovered from those lows all the time while 17500 was acting as a resistance.

So this is a range that will continue for at least a few more sessions or into the next week. Only when we break out of this range can we get another 300 points.

Overall, structurally, the trend is still positive but there is still a lot of room for catching up in small cap stocks. So overall selective migration and industry rotation will continue and we should therefore monitor industry-specific and industry-specific trends.

The IT index was one of the top gainers this week and for the third week in a row we’ve seen traction build up. and is one of the top gainers in the IT index. Which stocks would you pick in this space?

When looking at the information technology sector, one needs to be careful as this looks like a short-term bounce, not a trend. So I would go with the big cap names. First is

because it fixed the most. We could see a bit of a recovery towards the 470 to 490 levels. One can keep the stop loss for Wipro below Rs 425.

Monday will be

which again corrected a lot. It fixed all the paths from 1700-1800 to 1000-1050 and it can go back to 1200. So here are the two names I would go with.

What is your top bet?
I’m looking at a few stocks. One of which is a safe bet is Bharti Airtel. The stock is attempting to make a breakout above the 700 mark. The stop loss can be kept at Rs 690 with a short-term target price of Rs 750.

The second is to buy on

. In the short term, the target price can be kept at Rs 270 and in the longer term, the target price can be kept between 350 and 400. The stock has done nothing for the past 10-12 years and now now it is finally on the verge of a breakout.

(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. These recommendations do not represent the views of The Economic Times)

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