Indian shares ended little changed on Thursday, dragged down by heavyweights such as Infosys and Reliance Industries, amid jittery Asian markets ahead of a deadline for imposition of further US tariffs on China, Reuters reported.CK Narayan, Founder of Chart Advise said: The Nifty is doing one thing and the stocks are doing something else.
If you look at the Nifty and the trend, the index has been very steady, unwilling to go down and then it keeps on inching a little bit higher.
But then if you look at the broader market, the breadth in the recent times has been favouring more of declines.Since we want to be aligned with where the index is going, we therefore have to become extremely stock specific.
I am looking at the stocks which are kind of bouncing up from support zones, which have been created recently and if these stocks have had a pullback then that gives it a little added comfort that there could be a rally from here, he added.Here are two trading ideas by Narayan for Fridays session:ACC (Buy)The entire cement space was a little bit iffy on Thursday and ACC looks fairly decent on its shorter term charts.
It is currently around Rs 1,385-1,390.
So with Rs 10-15 stop loss, one could go long on ACC, expecting a target at about Rs 1,410.Yes Bank (Buy)This stock surged and managed to hold on to the gains till the end on Thursday.
The intraday charts are also showing decent momentum.
So we might have continued momentum in Yes Bank, taking it probably towards Rs 357-360 mark.