Nifty after hitting a low of 13131 level few days back found support and moved swiftly towards 13600 level. This suggest that lot of strength still left in the Nifty and it could move towards 13770 level in coming days. The strategy of the day is to add stocks on buy on dips.
Looking on the chart Nifty after moving above 13492 (Day’s high of 22.12.2020) moved swifty towards 13600 level yesterday. This shows that Nifty has lot of strength and can move towards all time high of 13770. Traders can take the advantage of bullish trend in market. Stocks that can also fuel towards uptrend are as follows:
Tata Consumer (CMP: 605.30)
Tata consumer is uptrend and can move up quickly towards Rs 650 level. One can add the stock at current price with target of Rs 650 and stoploss of Rs 570. There is high expectation that stock will be added in Nifty 50 indices in March 2021. This can result in demand of the stock from passive fund managers.
L&T (CMP 1264.80)
This stock has the capability to move towards Rs1500 in next six months. As the stock is likely to get lot of foreign inflow due to lot of changes in FTSE’s Global Equity Index Series. And Larsen & Turbo (LT) stock will get lot of inflow due to this. Add this stock for long term with 6 month horizon target Rs 1500 and stop loss 1170 level.