The Economic Times daily newspaper is available online now.

    Buy Tata Consumer on dips, skip Bharti Airtel: LKP Securities

    Synopsis

    Tata Consumer s a good stock in the momentum but one should wait for a dip and then buy.

    Gaurav Bissa-LKP Securities-1200ETMarkets.com
    Gaurav Bissa, Assistant VP, says Bharti Airtel has to give a close above Rs 600 for two or three days and then a swift move towards Rs 640-650. If it does not happen, don’t focus too much on Bharti.

    Tata Consumer is one stock which has seen some serious wealth accumulation from the March lows. It has gone up more than 100 times the stock price. Where is it headed next? At Rs 519, is there still opportunity to buy into the stock for those looking at a medium term timeframe?
    Tata Consumer went through consolidation. It gave a breakout above Rs 395-400 and the good thing was it has retested the levels of Rs 400 and then we saw an upward trajectory coming in the name. That was a good place to buy but if you talk about levels of Rs 520-525, then this is not the right time to buy for the only reason that the volume participation is good, the candles are very strong, but, the supports are coming at much deeper towards level of Rs 470.

    Unlock Leadership Excellence with a Range of CXO Courses

    Offering CollegeCourseWebsite
    Indian School of BusinessISB Chief Technology OfficerVisit
    Indian School of BusinessISB Chief Digital OfficerVisit
    IIM LucknowIIML Chief Operations Officer ProgrammeVisit
    The risk reward is favourable but at any dip towards Rs 480-485 or maybe Rs 490, one can buy, keep a stop loss of 20 points on the upside. Again Rs 525 is what we are expecting. This is a good stock in the momentum but one should wait for a dip and then buy.

    Not Idea but what about Bharti? Irrespective of just about everyone on the Street being bullish on this one, this is the chosen one after Reliance. The stock price has not been able to push any further than Rs 560-570.
    Lot of people have been bullish but I have been quite bearish on the name. On weekly charts, it had formed what we call a bearish C Clamp in Ichimoku setup. It got triggered at Rs 575 and from there on, we have seen it come to around Rs 570-575 levels. Then it again sees the beating. I would still skip it. There is support at Rs 540. If somebody wants to trade a bit, can wait for a dip and then keep a stop loss of Rs 540 and buy. If you want to see for a larger picture or a bigger move, Bharti Airtel has to give a close above Rs 600 for two or three days and then a swift move towards Rs 640-650. If it does not happen, don’t focus too much on Bharti.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in