Buy Reliance Industries on every dip, advises Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Tata Global Beverage has broken out yesterday. So, I think easily Rs 235-240 looks likely. Also, Motherson Sumi is coming out of a correction. It is not often that these stocks tend to correct, but definitely with a stop loss say around Rs 300, I think once we get past Rs 340, Rs 375-380 should be possible. So, anytime a market rally starts, I think both these stocks should outperform."

"Bharat Forge and Motherson Sumi seem to have bottomed out yesterday. Bharat Forge kind of closed lower yesterday, a 4 percent gap would mean closer to about Rs 1,170 thereabouts. So, still sideways, but once we cross Rs 1,190, I think it should get more traction. So, compared to the two, I think I would still go with Edelweiss Financial."

"Amongst all of the oil and gas companies, Chennai Petroleum Corporation and Reliance Industries look the best of the lot. Reliance clearly seems to have completed its correction and that is one of the reasons the market is not falling. So, on all declines towards Rs 1,500-1,550, Reliance is a buy. Chennai Petro is likely to go through some sort of correction, but closer to Rs 425-430, even there buying can be done,"  he said.

"ICICI Bank has been hanging out in a very narrow range for many days and it needed some sort of news to push it higher. So, I think around these levels, if you can buy with Rs 290 type of stop loss, probably we could see Rs 305-306 over the next few days," he added.

"Yes Bank is a buy with a stop loss of Rs 1,795 and target of Rs 1,840. Repco Home which declined quite a lot, seems like it is trying to make a bottom. That is a buy with a stop loss of Rs 670 and target of Rs 695."

"BEML is ready to go, so, this is a buy with a stop loss of Rs 1,875 and target of Rs 1,940."

"Not only L&T Finance Holdings, stocks like Dewan Housing, etc. - that is the benefit of getting into stocks which are in strong momentum regardless of what valuation maybe saying."

"Dish TV is a nothing, 0.75 percent higher. I don’t think the stock stands anywhere. You should buy on declines on all kinds of NBFCs, that remains the call. Repco Home is particularly looking good after a long decline post some poor results, etc. Bharat Electronics (BEL) is another one which is beginning to move up, as well as Eicher Motors. So several stocks are trying to move higher, so, this kind of early morning choppiness should be used to get long on the market."

"I don’t know about how good Ducati will be for Eicher Motors but definitely the way the stock is moving, I think Rs 50,000 should be a target that people should have. Maybe it will take one to one and a half years, but definitely stocks which are making new highs, good news seems to be supporting them and they are continuously seeing buying at all lower levels."

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