Moneycontrol
Oct 17, 2016 12:21 PM IST | Source: CNBC-TV18

Buy Granules India; sell Mindtree, Dabur India: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com is of the view that one can buy Granules India and sell Mindtree and Dabur India.

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Granules India, I believe has made some sort of intermediate bottom. So, that is a buy with a stop loss of Rs 120 and target of Rs 132."

"Mindtree is a sell with a stop loss of Rs 500 and target of Rs 475. Dabur India is also a sell with a stop loss of Rs 282 and target of Rs 265," he said.

"When the market gets sideways, certain stocks move up. However, overall, Arvind remains in an uptrend. It found support around Rs 340, so that can act like a stop loss. We should probably look at Rs 375-380. So, as long as 8,550 holds on, you will see these sporadic moves but the pressure remains on the downside as long as 8,620-8,650 holds on the Nifty."

"Tyre stocks were looking to come down. I think on Thursday, we had a fairly sharp rally on them but that rally was kind of a retest and now they are declining below those levels. So, chances are that the correction in tyres could pick up momentum because they are fairly overbought and a bit of change in the underlying fundamentals will trigger a fairly sharp rally. So, chances are today will be a fairly bad day for tyres."

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