Buy Infosys, Power Finance Corporation, Oriental Bank of Commerce: Rishi Kohli
Rishi Kohli, MD & CEO at ProAlpha Systematic Capital suggests buying Infosys with target of Rs 1089, Power Finance Corporation with target of Rs 151 and Oriental Bank of Commerce with target of Rs 180.
March 22, 2017 / 14:14 IST
Rishi Kohli, MD & CEO at ProAlpha Systematic Capital told CNBC-TV18, "There are couple of interesting ideas, the first being Infosys where there are a lot of mixed views from the fundamental side. So, very interesting to see what the charts say when such a two-way situation is there. Interestingly, on the charts, it looks clearly bullish because there have been bullish candle stick patterns on the monthly charts. A bounce from long-term channel support levels combined with this on the monthly timeframe it is come above the 10-month moving average. Even the monthly RSI which had gone to sort of oversold levels and hit long-term supports, from there it has bounced and come back above 50 which indicates that the upsides are resuming again. So, for a very quick short-term trade, one can go long with a target of Rs 1,089 and stop loss of around Rs 1,025." "The other short-term quick trade is on Power Finance Corporation (PFC). It has been in a sideways, perfect channel over the last few months and has broken out of that recently with volume support and with futures open interest support. So, there is a very quick clean target to Rs 150-151 with the stop loss of the channel breakout level of Rs 140," he added."The third is Oriental Bank of Commerce (OBC) because it is a medium-term call, it has been in a continuous downtrend over the last few years and has given clear bottoming signals around Rs 100. After that the long-term technical signals have got positive one by one and weekly and monthly MSCDs are positive and there is a 10-20 months bullish crossover also that has happened. So, a buy, that may be a two to three month hold, but it has higher targets of Rs 180 with a stop loss of Rs 120."
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