Stock market recommendations: According to Somil Mehta, the major – alternative research, capital market strategy, Mirre Asset Sharekhan, IRB Infra and Paytm are Top stock to sell Today:
IRB Infra – Sell in the range between 43.50 and 43 rupees; Stoploss: 45 rupees; Target: Rs 38
IRB Infra has today broken a flag pattern on the negative side. The Momentum Indicator has also given a negative crossover above the zero line. The stock is strengthening the broad range from last month and has resisted at 40 daily moving averages IE 47 and resumed the down trend. The stock is expected to continue the down trend to the next swing low of 38 and the major resistance is at 43.60 and 45 and the support is at 40.90 and 38.
Paytm – Sell within the range between 800 and Rs 790; Stoploss: 822 rupees; Target: 720 rupees
Paytm has today broken a growing wedge pattern on the negative side. The stock is integrated, rapidly bounced back in the last month and has now taken resistance around about 50% of the previous decline and resumed the down trend. The Momentum Indicator is about to cross a negative crossover above the zero line. The stock is expected to continue the down trend of the next swing low of 720 and the major resistance is at 804 and 822 and the support is at 775 and 720.
Disclaimer: The opinion, analysis and recommendations expressed here are of brokerage and do not reflect the views of the Times of India. Always consult a qualified investment advisor or financial planner before taking any investment decision.
