The IT pack is doing well despite the prevailing consolidation phase in the benchmark and most IT majors are trading in tandem with the trend. Among all, HCL Tech has surpassed the hurdle of the previous swing high of late and is gradually inching towards its record high. We suggest using any dip to create fresh longs in the mentioned zone.
We’re seeing a rebound in the FMCG majors after a month-long of consolidation phase and Hindustan Unilever is no different. It’s gradually inching higher and has surpassed the resistance zone of the moving averages ribbon on the daily chart. Indications are in the favor of prevailing surge to continue. Besides, it’s prudent to stay with defensives during the corrective phase.
Voltas has been hovering in a range after the phenomenal run from roughly Rs 425 to a record high of Rs 1,132. It slipped below the immediate support zone of the short-term moving average (20-EMA) on the daily charts on March 16 and is likely to see some profit-taking ahead. Traders may consider creating fresh shorts in the mentioned zone.
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
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