Buy Jet Airways, NIIT, ABB; Avoid Voltas: Manav Chopra

                                 
Manav Chopra of Networth Stock Broking expects Nifty to move towards 7,900 as it rebounds from oversold zone. The medium term trend for Nifty still remains negative, he added. (Watch)

Stock Talk:

Buy Tata Motors: The stock has confirmed its medium term reversal formation as it bounced above Rs 360 levels few months back. Tata Motors would regain its momentum in the near term. On the upside it can re-test levels of Rs 415 and on the downside Rs 360-Rs 365 will act as good support.

Sell Tech Mahindra: The stock has been in a sideways trading range and it has resistance around Rs 535 levels. It may fall to its near term bottom of Rs 510. Overall trend is weak in the stock.

Buy aviation stocks: Momentum indicators are in the positive zone. The upside target on Jet Airways is Rs 620. If Jet Airways breaches Rs 626-Rs 630 level on the upside then it could gain another 20-30 per cent. SpiceJet would see a rally of 5-6 per cent in the short term.

Avoid Voltas: The stock is close to its resistance channel. If the stock closes above Rs 305 decisively then we could see an upside rally close to Rs 325-Rs 330 levels. One should avoid fresh long positions in the stock below Rs 305.

Buy ABB India: A major reversal has taken place in the stock on Tuesday and most importantly the volumes are also supportive. One can look to buy the stock in a phased manner for a short term target of Rs 1,300. On the lower side Rs 1,150 will act as a good support.

Buy NIIT Ltd: The stock has formed a good support, momentum indicators are still positive. The stock can retest levels of Rs 105 on the upside in the short term. One can buy the stock with a stop loss at Rs 90.

Avoid ICICI Bank: The stock is still in down trend. Volumes are good in the stock but one should enter in the stock once it breaks above Rs 250.

Buy Reliance Industries: The stock has formed a range between Rs 900-Rs 990. If it breaches Rs 990 on the upside it could add another 100 points going forward. We expect levels of Rs 1,100 in three to four months.