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Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, IRB Infra and Paytm are the top stocks to sell today:
IRB Infra – Sell in the range between Rs 43.50 & 43; Stoploss: Rs 45; Target: Rs 38
IRB Infra has broken a flag pattern on the downside today. The momentum indicator has also given a negative crossover above the zero line. The stock has been consolidating the broad range since last month and has taken resistance at 40 daily moving average i.e. 47 and has resumed the down trend. The stock is expected to continue the down trend till the next swing low of 38 and the key resistance is at 43.60 & 45 and support is at 40.90 and 38.
PAYTM – Sell in the range between Rs 800 & Rs 790; Stoploss: Rs 822; Target: Rs 720
PAYTM has broken a rising wedge pattern on the downside today. The stock has been consolidating, has bounced back sharply in the last month and has now taken resistance around 50% retracement of the previous fall and has resumed the down trend. Momentum indicator is about to cross a negative crossover above the zero line. The stock is expected to continue the down trend till the next swing low of 720 and the key resistance is at 804 & 822 and support is at 775 and 720.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
