Moneycontrol
Jan 11, 2017 11:52 AM IST | Source: CNBC-TV18

Like Bank Nifty; buy HDFC Bank, Apollo Tyres: Hemant Thukral

Hemant Thukral of Aditya Birla Money likes Bank Nifty and has a buy on HDFC Bank and Apollo Tyres.

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "We like Bank Nifty a lot, the way the things are moving up because of HDFC Bank which has started to participate. Yesterday, we saw what happened in last one hour - it went up with volumes and 6.5 percent open interest (OI) is added up. It is not usually a trading stock, where so much OI gets added up. Important was the way it is now sustaining above Rs 1,200 very easily. So, Rs 1,198 to Rs 1,200 can be kept as a stop loss and first target seems to be Rs 1,240. So that will also help Bank Nifty to move towards 18,600 which is the target that we are keeping there."

"Other trading stock we are recommending is Apollo Tyres. Tyre stocks saw a lot of open interest (OI) addition yesterday. We like the stock for two reasons - the OI addition of 8 percent, also the way 190 Put writers got active which is telling me that Rs 190 has now become a strong support zone for it. So, that should be the stop loss and you should expect a target of Rs 203 to Rs 205. That is the next stiff resistance zone for Apollo Tyres. Bank Nifty is bullish and HDFC Bank seems that it can move up sharply from here," he said.

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