Watch out for stocks in the banking sector especially ICICI Bank and Axis Bank as the euphoria in the financial stocks across the globe might rub on to these stocks.
Reliance Power might see some action on the news of bagging 4,000 MW Tilaiya project.
IT major TCS might see its share price rise after inking a $ 100mn deal with a Uk phone company.
Unitech and SAIL were very active both on the F&O and equity side and expect some more action ahead of the F&O expiry.
Real Estate and Shippingt stocks like GE Shipping and Varun Shipping are likely to extend their gains in to Thursday's trade.
Watch out for speculative stocks that have been beaten up, like Adlabs, Deccan Chronicle and Hanung Toys
Nifty (2850) Sup 2805 Res 2915
Buy Tata Motors (147) SL 143
Tgt 154, 156
Buy HDFC Bank (912) SL 900
Tgt 933, 937
Buy Bharti Airtel (654) SL 648
Tgt 666, 670
Buy R Power (103) SL 100
Tgt 109, 110
Great Offshore
We recommend a buy in Great Offshore for a short-term horizon. It is evident from the charts of Great Offshore that after encountering resistance around Rs 550 in late September, it has seen a steep decline.
However, in early October, the stock found support around Rs 250 and began to consolidate sideways. We notice formation of a falling wedge pattern, spanning the period since October. This pattern is a bullish pattern and acts as a reversal pattern in this stock, as the falling wedge slopes down with its prevailing downtrend.
On January 28, the stock broke out of this pattern by gaining 13 per cent, accompanied with good volume. The daily relative strength index (RSI) is rising in the neutral region towards the bullish zone. Moreover, weekly RSI is displaying prolonged positive divergence and is on the brink of entering the neutral region. We are bullish on the counter from a short-term horizon. We anticipate the stock to move up until it hits our price target of Rs 283. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 243.