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Last Updated : Jun 01, 2017 10:50 AM IST | Source: CNBC-TV18

Buy IndusInd Bank, Hero MotoCorp, IOC, IDBI Bank: Manoj Murlidharan

According to Manoj Murlidharan of Religare Securities, one can buy IndusInd Bank, Hero MotoCorp, Indian Oil Corporation and IDBI Bank.

Manoj Murlidharan of Religare Securities told CNBC-TV18, "Till the time the Nifty and Bank Nifty don’t align in one direction, we do not really get a trend. In IDBI Bank we have not seen a short built up and there still good accumulation going on at Rs 60. So, we believe that would be one stock which can give you a good bounce, possible to Rs 64.5. So we are recommending buying at Rs 60, maybe a stop loss of Rs 58.2 on that and somewhere close to Rs 64-65 is where the distribution can come in."

"In IndusInd Bank as well there is fresh long built up and needless to say it follows very definitely or precisely the concept of VWAP i.e. volume weighted average price. At Rs 1,485 we recommend buying here with a stop loss of Rs 1,460 and we are expecting a target of Rs 1,520 on that," he said.

"Hero MotoCorp tops the list. We have seen good derivative money coming in and we believe that M2M might be kicking the positive bias and as I said the VWAP concept will work on this as well. So, we recommend buying even the current month futures with a stop loss of Rs 3,690 and we are expecting a target of close to Rs 3,840 on that."

"Indian Oil Corporation (IOC) from the oil & gas also has seen good buying. So, we believe the follow up buying might continue in today’s trade as well. So, we are recommending buying that in the futures trade at Rs 425 for the current month with a stop loss of Rs 412 and we are expecting the distribution or the profit booking somewhere close to Rs 455-457."

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First Published on Jun 1, 2017 10:31 am
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