Most Active Stocks Today: HDFC Life, Kotak Bank, RIL, NALCO, Tata Steel; DO THIS as 100-150 points correction looks imminent in Nifty, expert says

Most Active Stocks on Tuesday – HDFC Life, Kotak Mahindra Bank, Reliance Industries, National Aluminium Company (NALCO) and Tata Steel were among the most active stocks on Tuesday around 12 pm. Investors who are holding these stocks or those planning to invest in this stock should know the expert view on this stock before buying to maximise gains. Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking tells what to expect in these stocks. 

HDFC Life Insurance Company shares – HDFC Life shares were trading at Rs 691.65 on the NSE around this time, down by almost 0.7 per cent. Jain said that there is a strong support zone between Rs 670-680. He expects a pullback effect in this stock. The stock has been active on the news around the stake sale by Standard Life, he said. The future course will depend largely upon the fundamentals, he added. The resistance is around Rs 730 which should be seen as the first target price while the stock is expected to reach at levels between Rs 750 and Rs 800 in a short-term period.  

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Kotak Mahindra Bank shares – The current technical structure on charts does not paint an optimistic picture, Jain said. After 8 months of consolidation, this stock has breached its 200 Day Moving Average (DMA) towards south. If you are planning a fresh move, Jain’s advice is to avoid it. The support is around Rs 1650. Those who are holding this stock should continue to hold it, he added. This stock was trading around Rs 1710.70 on the NSE and was down 1.3 per cent around this time.  

Reliance Industries Limited shares – After sic consecutive falls, RIL shares were trading in the green around this time at Rs 2094.30. They were up 0.4 per cent from the last closing price on Monday. The chart reflects a bullish candle pattern, Jain said. He puts the target price at Rs 2150-2200. This is a one-month view. The immediate support is Rs 2080 while the next support is Rs 2050, he said. People with long positions should continue holding the stock. 

National Aluminium Company shares – Jain said that this stock has already moved some distance. Buy on the decline is advised in this stock with a target price of Rs 90-95. Right levels to enter this stock is Rs 70-75, he said. He puts the stop loss at Rs 70. It was trading at Rs 77.75 on the NSE around this time, down by almost 3 per cent.  

Tata Steel Shares – Tata Steel shares are currently witnessing a sideways movement, Jain said. This stock has support at Rs 1080. The immediate support is at Rs 1130. Fresh long position is recommended on dips. This stock was trading at Rs 1174.60, down by 0.7 per cent from the last closing price.