ET Now: Procter & Gamble, Bhushan Steel and Hindustan Zinc, all strong on a day basis. On their one-year, two-year, five-year charts, they are on all time highs no matter which way you look at them. Is the secular trend going to continue in these stocks?
Sandeep Wagle: I am not certain about Procter & Gamble but Bhushan Steel, yes, good volumes on the way to create a new breakout. Bhushan Steel is definitely yes. Procter & Gamble no, Hindustan Zinc also yes.
ET Now: Day trends. For TCS, its looks like there is a major resistance at 800 but after that I can only see 830-850 or perhaps go anywhere beyond that point. Just from a day trading perspective, Nagarjuna looks like if it breaks 178, we have got about 220-240 levels to look at .
Sandeep Wagle: TCS I will not talk of too much of strength. The IT pack has lost some of its strengths. So TCS is on a bounce back. So I will let it go. Nagarjuna Construction yes, above a level of 169, it can give a smart move to 172-173. Ideally when you have a day trade, you wait for some certain resistance levels to be broken and then you go with the trade. So there is a higher level of safety. If you just buy it and hold on and the move does not come for two-three hours, mentally it exhausts you. So I would prefer to buy on a breakout and then play for a 2-3% move as a day trade.
Sandeep Wagle: I am not certain about Procter & Gamble but Bhushan Steel, yes, good volumes on the way to create a new breakout. Bhushan Steel is definitely yes. Procter & Gamble no, Hindustan Zinc also yes.
ET Now: Day trends. For TCS, its looks like there is a major resistance at 800 but after that I can only see 830-850 or perhaps go anywhere beyond that point. Just from a day trading perspective, Nagarjuna looks like if it breaks 178, we have got about 220-240 levels to look at .
Sandeep Wagle: TCS I will not talk of too much of strength. The IT pack has lost some of its strengths. So TCS is on a bounce back. So I will let it go. Nagarjuna Construction yes, above a level of 169, it can give a smart move to 172-173. Ideally when you have a day trade, you wait for some certain resistance levels to be broken and then you go with the trade. So there is a higher level of safety. If you just buy it and hold on and the move does not come for two-three hours, mentally it exhausts you. So I would prefer to buy on a breakout and then play for a 2-3% move as a day trade.
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