Colgate Palmolive (India) can test Rs 1230, says Manoj Murlidharan of IIFL.
Murlidharan told CNBC-TV18, "We are not focusing on all the heavyweights but we are looking to those stocks, which have seen good accumulation in the cash side even four days to expiry and the trend is still going on. So our top pick still is Colgate, it is somewhere close to Rs 1,150, we feel huge buying has happened and possibly the way the accumulation is happening, it might be some institutions or big funds or strong hands accumulating it because ideally we do not see the average delivery crossing the 7 day average and that is seen in the last three-four odd days. We are seeing that on an alternate trade, so we feel that Rs 1,150 is where we have gone long, Rs 1,075 happens to be the stop loss because Rs 1,080 happens to be the average price at which they have accumulated this and Rs 1,230 is what we are expecting on that."
He further added, "Though as I said banks 10,490 is the level above which the short covering will come in, so we are bullish on at least one bank, which is Bank of Baroda. I guess it is Rs 795 at this point of time, the stop loss we recommend is Rs 783 and we are expecting close to Rs 838 on that."