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Buy Oriental Bank, Union Bank, Indiabulls Housing Finance: CA Rudramurthy BV

CA Rudramurthy BV, Research Head at Vachana Investments suggests buying Oriental Bank of Commerce, Union Bank and Indiabulls Housing Finance.

May 04, 2017 / 01:47 PM IST

CA Rudramurthy BV, Research Head at Vachana Investments told CNBC-TV18, "I am very bullish on real estate as a sector, PSU banks, housing finance companies, and even NBFCs. Now keeping these sectors in mind, I have picked up two banks."

"Oriental Bank of Commerce (OBC) looks very positive. In last two days, too much of delivery based addition has been seen with prices moving on the upside. Today even I have seen a lot of open interest addition in the current month futures position. So, OBC has given a fresh breakout today above levels of Rs 175. Rounding bottom formation is seen and stock can head towards levels of Rs 185 initially. Have a stop loss of Rs 173 for this long call."

"I have a second buy call on Union Bank futures. Again this stock has similar pattern of OBC Bank. It looks very positive for me and even from current level, it can head upwards. Look at initial target of Rs 188, have a stop loss of Rs 177 on this long call," he said.

"I have a last buy call on Indiabulls Housing Finance. This stock again has given a clear breakout above levels of Rs 880 and now is in a clear uptrend. Short-term, medium-term, long-term timeframe, everything looks very positive. A lot of open interest addition is also seen in this counter. Look at initial target of Rs 1,150 on Indiabulls Housing Finance, have a stop loss of Rs 1,070 for this long call," he added.
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