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Stocks to watch: HPCL, TCS, Bharti

2008-05-07 19:07:35 Source : IMW/CNBC-TV18

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Markets have made smart recovery from its day�s lows, but closed in red. Capital goods, realty and banking indices witness selling pressure. The BSE midcap and smallcap indices are also closed in red. However, IT, oil & gas and FMCG stocks closed with marginal gain. Technology stocks traded strong throughout the day�s trade as rupee continue to depreciate, but ended with bit gain.

The Sensex closed down 33.70 points or 0.19% at 17339.31, and the Nifty was down 9.15 points or 0.18% at 5135.50.

Technical Analyst, Rahul Mohindar gives his views on stocks to watch.

On HPCL and BPCL

I think there is definitely room for upside in HPCL as well as BPCL. I think both these counters look pretty similar on the chart on an indicator basis. I think we would be moving about 10-15% on an upside. But I think the upside is really limited to the short-term. I don�t see any major breakout coming in longer-term. I would really use an opportunity to buy.

On Cairn India and Hindustan Oil Exploration Company

One would continue to put out a hold on these counters. I won�t be a buyer at these levels of Cairn. But if you are looking at this from a medium to long-term perspective I think it is definitely a stock you want to stay with.

Our suggestion in this would be that we are looking at an upside, which would be about 20-25% from current levels. Short to medium-term is the outlook. I think there is a lot of momentum, which is driven by volume in Cairn.

HOEC once again with such a sharp spike up, we won�t be willing to take a call rightaway. But I think it would be a definite hold from here.

On TCS, Infosys, Wipro

I think the short-term move is still definitely going to be stay on and I would recommend holding on to across the board if I look at TCS, Infosys, Wipro. I see good upside on the short-term; I think the momentum is well built with volatility as well as volume. So I think its here to stay, it�s not something which would fizzle out maybe in two-three days. I would continue to believe that there is an opportunity here but the question would I buy these stocks at these levels? If one already been in it - its fine but entering at these levels would be quite a risk. I see Infosys headed possibly towards somewhere in the belt of Rs 1,900-2,000 wait phases, its severe long-term resistance belt.

On Bharti Airtel and Idea

After that correction we have seen down certainly its an attractive level particularly if one is looking at it from a long-term scenario but short-term if I look at Idea Cellular or Bharti Airtel possibly there is going to be still some more trouble, some more consolidation is required maybe 4-5% downside is left but nothing major. I don�t see any of these major stocks in telecom making a new low. It�s a question of just stabilising and bottoming out maybe in the next 4-5%.

Disclosures:

It is safe to assume that my clients & I may have an interest in the stocks/sectors discussed.