In CNBC-TV18's popular show Bull's Eye, Pankaj Jain of Sunteck Wealthmax shares trading strategy of the day.
We feel Mahindra & Mahindra Financial is the strongest candidate to get banking license in private sector. They already have a strong rural presence and most of the other credentials as desired by Reserve Bank of India (RBI) are also strong vis-à-vis Mahindra & Mahindra Financial Services. The stock has been a steady performer. In the last six-seven months the stock has given a return of closer to 25 percent. So, we believe that technical as well as fundamentals for the stock remain intact and we could see bounce back and stock again moving ahead.
Unitech has been holding somewhere around Rs 29. We find that there is buying somewhere around Rs 29 levels and the fundamentals of the company seem to be much better placed than they were about six months back and reality space as such, there has been some kind of positivity around this space barring few identities and we believe that soon the stock could stabilise around Rs 33-34 levels. So, though a bit controversial, we believe that Unitech could bounce back.
I have long call on Welspun Corp. This was one of the identities, which was beaten out of shape today, a part of eight-nine stocks, which were beaten out of shape. The reasons could be many. The performance of the company has been sluggish for last few quarters, there have been concerns regarding debt of the company vis-à-vis overexpansion by the company and recent announcement that the scrip would be excluded from Futures & Options (F&O) created further pressure.
Opto Circuits India has given a fresh four-five year low and there have been concerns regarding corporate governance, regarding financial mismanagement company announced its results, delayed results about week-ten days back and though on papers results seem to be pretty okay but there have been concerns regarding few entries in the balance sheet especially regarding some entries vis-à-vis long-term receivables.