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Mar 20, 2017 10:20 AM IST | Source: CNBC-TV18

Buy Tata Elxsi, Power Finance Corporation: Hemant Thukral

Hemant Thukral of Aditya Birla Money recommends buying Tata Elxsi and Power Finance Corporation.

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "We have selected two stocks, one is midcap IT stock. Tata Elxsi. has seen 5 percent open interest (OI) addition, it is not such a trader favourite stock but the OI addition and the way the premium increased and the cost increased is clearly suggesting that the long positions is being built up. Cash volumes surged 10 times to the average, which we usually see. So, clearly it is suggesting that the stock has seen buying both on the F&O front as well as the cash front and now it managed to close above 200-days moving average of Rs 1,495. So technically also one can keep a stop loss of Rs 1,495 and keep a target of Rs 1,570."

"Second stock we have selected is another midcap but it is on the power side which is Power Finance Corporation (PFC). It has seen a lot of buying open interest, 3 percent addition fresh longs, importantly 135 Puts saw a very good addition happening of 4 lakh shares. So, now support will be where the resistance was earlier. So, Rs 137-138 level has become a strong support and we expect this stock to test Rs 147-148," he said.

"So, both Tata Elxsi and PFC will be on the buying side for next two-three trading sessions."
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