Ashwani Gujral's top bets for trade today

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Ashwani Gujral's top bets for trade today

Technical analyst Ashwani Gujral is bullish on Godrej Properties, Texmaco, Exide Industries, SKS Micro and Dhampur Sugar. He advises traders to buy into these stocks.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Ashwani Gujral See what other Experts & Brokerages are saying about Godrej Property See messages about Godrej Property Nifty BSE | NSE 29/05/12 Are Mutual Funds betting on Nifty? Other Stocks in this news SKS Microfinance | Exide Industries | Texmaco Infrastructure & Holdings | Dhampur Sugar Mills |

Below is a verbatim transcript of the interview. Also watch the video.

Q: What would your top picks be now in the entire PSU banking lot? We have been seeing many new names pop up on the volume charts-anything you like there?

A: I think banks did not correct as much as the market. They held on to their 20-30 day moving averages and they probably have resumed their rally. So probably you could look at something like an IOB that has given a breakout. It could face resistance around Rs 137 to about Rs 152. Syndicate Bank probably will retest previous highs of Rs 123 and then going forward could hit Rs 140.

So if banks can come back, commodities are going through a pullback because of global markets. In case we get commodities along with banks, maybe 5,550 can get taken out. Yesterday's action was more positive because we held on to 5,470, so today we could see a good positive day.

Q: Do you track Crew Boss or Subros?

A: On the auto ancillaries I track Apollo and Exide.

Q: What is Apollo's chart looking like from yesterday's move?

A: Apollo paid a rounding kind of consolidation in-if it can stay above this Rs 82-82.50 zone, you can see another Rs 20 on Apollo, so Rs 102-104 could be the next target here.

Q: What do you think about Gujarat NRE Coke?

A: Gujarat NRE Coke finds consistent support around Rs 55. There we have had this rally. It could face resistance around Rs 67 and then maybe Rs 74. But it is not the commodity stock that I would go after. It is not the strongest.

I think Tata Steel still seems to be stronger of the lot along with Hindalco. So maybe I would stay away from Gujarat NRE Coke.

Q: Do you see resistance kicking in above 5,500 on the Nifty or would you keep your longs open here?

A: 5,470 is a price level where probably the trend weakens a bit. As long as we hold that up, today is a key data that is going to come out. So we would probably go into that data a bit subdued. But I think that the worst of the data is probably discounted. So I would much rather carry my positions for Monday. Today could be a flat day overall for all markets.

Q: From the fertiliser lot, do you like anything?

A: Deepak Fertilisers seems to be popping up on the price chart and it seems to be making consistent fresh highs. It has good support around Rs 154-155, can head upto levels of Rs 200. Agriculture as a theme is doing much better than lot of other spaces in the market.

Q: Quick chart check on Reliance.

A: As long as it stays below Rs 960, if the market holds up, it will probably hang around here. But if the market weakens, I think Reliance could do worse than the market. I think since it has already fallen a lot, it could do some sideways jig while we are in an upswing.