Although the next logical resistance comes only at 17500 we would continue to watch how the index reacts in the band of 16900-17200. The trend continues to remain positive. Dips to 16k could be a zone to look for fresh buying opportunities. The moves from here on would be entirely stock specific. Stock selection should be the focus then index.
Stocks to watchout for :
Textile stocks are seeing speculative build up on possible better times ahead. Skumars Nationwide and Arvind Mills seem to be the best bet in the small caps whereas Century Textiles in the large cap. Also the stocks are close to near lows so stoplosses are not steep.
The stock looks set for a small move again if able to cross 395 in near term.Buy around 380 stop 372 or above 395 stop 385. Tgt of 20-25 rs upmove.
JK Agri genetics covered earlier has seen increasing volumes in the last few sessions which shows interest building up. Good value in the stock. Maintain hold and add on declines as a defensive bet.
KCP inds, Hi Tech Plastics look interesting fundamentally and can appreciate 30% over the next 1 year. Investors can look to buy on declines only as a safe bet.
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