Moneycontrol
Oct 17, 2016 12:33 PM IST | Source: CNBC-TV18

Buy Engineers India; sell Havells, Apollo Tyres: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com is of the view that one can buy Engineers India and sell Havells India and Apollo Tyres.

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Engineers India is a buy with a stop loss of Rs 253 and target of Rs 270. Havells India is a sell with a stop loss of Rs 432 and target of Rs 400. Apollo Tyres is also a sell with a stop loss of Rs 217 and target of Rs 200."

"Some stocks tend to fall later on a decline. The way things have rallied, Maruti Suzuki went from Rs 3,000 to Rs 5,700. It is a largecap index stock; it has done this in six months. If it gives back 1,000 points, I think it is a normal correction. So, things are extremely over extended and they just need a small trigger, the yen or something changing and the market will fall. I don’t think Maruti should be bought because it is not falling. You will see that finally stocks which are not falling also will fall because we are definitely heading towards 8,200," he saod.

"Even today if you see, this was great piece of news and on another day all banks would have rallied, market would have rallied, etc but there has been selling from 8,610 thereabouts. So, chances are there is more downside left and even on Maruti it is likely to correct at least below Rs 5,000."

"J&K Bank was a very haloed stock at one point and suddenly there were no assets to speak of. So, I don’t think this is in any sort of uptrend. It is likely to get back towards levels of Rs 45-50. So, even if large banks are not doing well, I don’t think J&K has the strength to take it higher."

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