Asian Paints, BEL, Havells, HUL, Infosys good for fresh investments

By Sacchitanand UttekarDvp – Technical (Equity), Tradebulls SecuritiesWhere we are: Indices are placed at the cusp of a make or break reversal zone as despite slipping below its key long term support average the index managed to close near its 20 bar EMA on its monthly scale. The week gone by witnessed sustained selling pressure as the index tanked by 510 points from its swing high of 11,146 but saw a strong comeback of nearly 200 points with most key sectoral indices reporting reversal formations on the daily scale. Weakening rupee against dollar has been a key detriment throughout the week as it reported a gain of nearly 1 per cent by scaling towards 72 mark.What is in store: The reversal formation once confirmed with a move above 10,910 would see a strong recovery towards 11,200-11,244 congestion zone quickly where its highest CE OI and 200 DEMA is placed. With expiry just around the corner and probable short covering rally could be triggered if the level of 10,910 is breached in the early part of the week while any slippages below 10,630 would lead to further drag on the indices towards 10,520. What you could do: Amid the highly volatile environment, investors should maintain their focus on quality stocks which have been bucking the trend in the last few months and avoid bottom fishing desires in stocks which have still not been able to recoup their weekly swing/short-term highs yet. Stocks where there are signs of sustained strength or developing strength are as below which could be considered for fresh investments are Asian Paints, Apollo Hospitals, Bata India, BEL, Berger Paints, Havells, HUL, Hero MotoCorp, Infosys, NIIT Tech, TCS, Reliance Industries, Voltas.

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