The Nifty, which has seen some correction following a strong rally, may come under more pressure going ahead, saysGaurav Bissa, derivatives analyst with LKP Securities. There is a possibility of a 100-point correction in the Nifty from current levels, but it would be incorrect to say that the uptrend in domestic stock markets has ended, he added. (Watch)
Stock Talk
Buy Larsen & Toubro above Rs 1,490 with stop loss at Rs 1,470 for target of Rs 1,550.
Buy Lupin: Investors can buy this stock above Rs 1,445-1,450 with stop loss at Rs 1,425 for target of Rs 1,500.
Sell Tata Steel: The stock looks weak at current levels, investors should look to sell this stock for immediate target of Rs 325 and if Rs 325 breaks then it can go down to levels of Rs 310-305.
Avoid BHEL: The stock is trading in a rangebound fashion.
Indiabulls Housing Finance: The stock is under pressure after a good up move on the back of profit -booking. If Indiabulls Housing Finance manages to contain downfall around Rs 680-690, then upside in this stock can resume.
Avoid Jubilant FoodWorks: Investors who are looking to go short should do so below Rs 1,000 for target of Rs 960-920. However, on the upside if Jubilant FoodWorks moves above Rs 1,040-1,050 it can go up to levels of Rs 1,100-1,120.
