Jul 05, 2010, 11.24 AM | Source: CNBC-TV18
Technical analyst Ashwani Gujral is bullish on Reliance Power, Wipro, Godrej Industries, Gujarat State Fertilizers Company (GSFC) and Supreme Petrochem. He advises traders to buy into these scrips.
Ashwani Gujral (more)
Technical Analyst, ashwanigujral.com | Capital Expertise: Equity - Technical
Speaking to CNBC-TV18, Gujral also spoke about his reading of the markets and his outlook.
Here are the key levels:
On Reliance Power
The signs were clear on Friday, so we can buy this with a stop of about Rs 165 and It could slowly move up to Rs 210 and this is moving along with the theme that ADAG has bottomed out and now news flow is coming with, these stocks can move up.
Technology stocks got battered because of the fall on the Nasdaq. Now this one went below Rs 375, broke down and then came back sharply on Friday which is like a false breakdown on the downside. So now that US is setting up for a bit of a pullback, we could buy this with a stop of about Rs 373. We could see targets of Rs 418
On Godrej industries
It was under performing, it kind of formed a base around Rs 140-170. Now itís clearing Rs 170 and is likely to move up higher closer to levels of Rs 193 and stop here could be Rs 162.
Fertilizers as a pack moved up on Friday and this one moved up quite sharply and so Rs 265-266, clearly levels of about Rs 305 seems possible, we can keep a stop of about Rs 263.
On Supreme Petchem
Anything with petroleum in its name is tending to do well. Now, the smaller MRPL and all these stocks are doing well. So out here we had a fresh break outóRs 52 is an all-time high for this stock and in case it takes that out, we can look for targets of Rs 57. We can buy this one with a stoploss of about Rs 45.