Indian benchmark indices, Nifty and the Sensex began Samvat 2074 on a negative note with the Nifty shedding 0.24 percent or 24.70 points while the Sensex was down 67.27 percent, down 0.21 percent.
Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "There are stocks but they are not really for today because today is just Muhurat trading. But primarily the stocks are for people who want to look at 6-8 months of time horizon. There are two sectors that are now beginning to have those green shoots we were talking about in IT and pharmaceuticals. Both laggards have now shown signs of life. So within these, there are buying prospects.
The first of them is Biocon which is now already willing to make lifetime new highs soon enough. The second buying idea is Cipla, it is just coming out a three-year consolidation. Once it crosses that and it will, it will be a much bigger momentum play than we have seen till now.
"The third is HCL Technologies. Remember, you are only buying. This is not a market where we want to do anything else. HCL Tech has already broken out of a two-year consolidation. It is leading the IT pack and I think while the pick is HCL Tech, Tech Mahindra and Hexaware Technologies are also part of that group.
The fourth stock is LIC Housing Finance. The only one in the NBFC pack or the banks. LIC Housing has a much better chart than the other finance companies but the focus for the next few months, I think will be on IT and pharma.
"When Reliance Industries had not split, our target was Rs 3,000 which means Rs 1,500. And Rs 1,500 is a target that is realisable and intact and if you do not have Reliance in your portfolio, you should.
At 18:50 hrs LIC Housing Finance was quoting at Rs 668.80, down Rs 0.20, or 0.03 percent. It has touched an intraday high of Rs 674.90 and an intraday low of Rs 667.50.
Biocon was quoting at Rs 379.55, down Rs 1.60, or 0.42 percent. It has touched an intraday high of Rs 387.00 and an intraday low of Rs 379.00.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
