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Buy SBI, Ambuja Cements; Avoid Idea Cellular, Says Hemen Kapadia

Hemen Kapadia of KR Choksey Shares & Securities, says Nifty is trading in a tight range between 9,260 and 9,367.
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Buy SBI, Ambuja Cements; Avoid Idea Cellular, Says Hemen Kapadia
The Sensex ended Monday's rangebound on a positive note while the broader Nifty closed above its psychological level of 9,300 on the back of gains in ICICI Bank, Infosys, TCS and Axis Bank. However, the gains were capped due to weakness in other bluechips like ITC, HDFC and Larsen & Toubro. Meanwhile, Hemen Kapadia of KR Choksey Shares & Securities, says Nifty is trading in a tight range between 9,260 and 9,367 and it looks like the index is likely to stay in this range. If Nifty moves above 9,360 doors for another 200 point upmove will get open, adds Mr Kapadia.

Stock Talk

Buy State Bank of India: The stock is forming higher top higher bottom formation on charts and it can go up to Rs 320.

Reliance Industries: The stock has moved up from Rs 1,020 to Rs 1,450 and is going through a phase of correction. It has support at Rs 1,320 and if it breaks Rs 1,320 it can go down to Rs 1,260-1,240.

Buy Ambuja Cements: The stock looks good for further upside and there is a possibility that it can move up to Rs 280.

Avoid Idea Cellular: The stock has fallen from Rs 120 to Rs 80 and is highly oversold and Monday's move was more of a dead cat bounce.

Buy Indiabulls Real Estate: The stock is heading towards Rs 220, traders can buy it on a small correction.
 

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