Stocks to watch: Gujrat NRE, Cairn, Nagarjuna Fert

Vijay Bhambwani of bsplindia.com is positive on Cairn India, Petronet LNG and Reliance Petroleum.

His views on these stocks:

On Gujarat NRE Coke:

When a stock like Gujarat NRE Coke gets beaten down, it indicates that retail appetite is contracting very sharply.It closed below 200, a day simple moving average, which is a negative sign. Should it actually start to trade consistently below Rs 120, I have a feeling it is going to go double-digit.

On Cairn India, Petronet LNG and Reliance Petroleum:

We are waiting to pick Cairn India, Petronet LNG and Reliance Petroleum at lower levels. I would feel comfortable buying Reliance Petroleum closer to Rs 160, with some room for averaging down.

Disclosure:

I probably have open positions and investments in all the stocks that I have mentioned.

Sudarshan Sukhani of Technical Trends is positive on Gujrat NRE Coke and Nagarjuna Fertilizer.

His view on these stocks:

On Gujarat NRE Coke and Nagarjuna Fertilizer:

I am upbeat on both Gujarat NRE Coke and Nagarjuna Fertilizers. Both the stocks remain in long-term bull markets. It doesn’t mean that you don’t buy them if they are falling. Someone said that India is no longer a market where you buy on dips. At some point, when the market stops falling, Nagarjuna Fertilizer and Gujarat NRE Coke and a host of other stocks will become buying opportunities then.

On Tata Steel:

The collapse of this stock has broken down significant support levels. I thought Tata Steel was going to outperform and actually go up while the other stocks went down. But then, it not only fell but all the significant important bands have been broken. It is now doing what the other stocks are doing. That means we do not look at it any more for buying.

On SAIL and Jindal SAW:

The charts of SAIL were bearish, so it was not a surprise that SAIL is sliding and falling down. Nothing in SAIL suggested that it was bottoming out or going up. Jindal SAW gave an impression that it is bottoming out but that has not turned down. 

Disclaimer:

I hold Delta Neutral position in Nifty and have investments in the stock market.