Weakness continues

Dear friends,

Weakness in our markets continued. Nifty closed 83 points lower at 9754. Global cues are also negative tonight. As mentioned in the last few days, there is no action to be taken for short term as of now.

Nifty is in Don’t Buy zone.

As per technical analysis, the indications for individual stocks for short term are as follows –

THE HOLDS ARE – ACC, Titan, Yes Bank,  HDFC, TCS

Wait to Buy –  M&M

Wait to Sell – Reliance

Sell –  Infosys

Don’t Buy – ITC, SBI, L&T, Maruti, Asian Paint, HDFC Bank

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Infosys has not been part of our list for long term for many years. It has been facing numerous business issues for last few years. Even after this current fall, we do not suggest investing in it due to its present turmoil and also the sector is in transformation. Hence, our opinion is to avoid buying it. If you have some stocks bought in past, you can sell it back to the company once they announce the date of buyback of shares.

All the best!

Dr.Bharath Chandra & Rohan