Manoj Murlidharan Vayalar, IIFL PReMIA is of the view that one can buy Reliance Industries with a target of Rs 836 and ICICI Bank can go upto Rs 1120.
Vayalar told CNBC-TV18, “I feel Reliance Industries (RIL) is good. We can go and buy that. The reason why I am saying this is weighted average price for this stock works excellent Rs 798 to Rs 800 is the weighted average price of the accumulation. If you check the last seven-eight months and we feel that is more or less at that level of Rs 813, we can go to and buy that, keep a stop loss at Rs 804 and Rs 836 is the first target we are seeing on that.”
He further added, “Second would be ICICI Bank. I feel that is one scrip where the distribution has not happened on the cash side though after the stock has corrected some 7-8 percent, we are seeing shorts in the derivative side but that cash distribution has not happened. So once we see a short covering, we will see the surplus getting added on the cash market. That is a long on our side as well, Rs 1,068 is what it is trading at. Stop loss of Rs 1,048 and Rs 1,120 is what we are expecting on ICICI Bank.”