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Last Updated : Apr 19, 2017 10:58 AM IST | Source: CNBC-TV18

Buy IRB Infrastructure Developers, sell Bharat Forge: Hemant Thukral

Hemant Thukral of Aditya Birla Money is of the view that one can buy IRB Infrastructure Developers and sell Bharat Forge.

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "We have selected two stocks for today. One on the buy side and one on the sell. The buy we are giving is on IRB Infrastructure Developers. The stock has added good amount of open interest, 9 percent. For me more interesting thing is the way 230 Put have added open interest. That clearly is telling that base formation is now getting into IRB Infrastructure around that Rs 230-235 mark. Yes, it did correct intraday from the highs but we still feel that the stock should be bought on dips today keeping a stop loss of Rs 239-240 and we expect the stock retest yesterday’s high. Rs 257-260 zone . So, IRB Infrastructure looks a good stock to enter on the long side."

"The second stock which we are giving a sell today is Bharat Forge. This stock for us was forming a top in any case. It was not able to cross that Rs 1,100 mark and if you see the 1,100 Call, it had the highest open interest. However, yesterday interestingly it gave away Rs 1,070 on the downside which was acting as a support level for the stock. It has added 4 percent fresh shorts, so, we feel now the stock has to test the downside of the range that is between Rs 995 and Rs 1,000. So, we will maintain a stop loss of Rs 1,070 which was the earlier support that will become a resistance for Bharat Forge now," he said.

"So, Bharat Forge is a sell and IRB Infrastructure is a buy. Both the trades will be valid for next two to three trading sessions."
First Published on Apr 19, 2017 10:41 am
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