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Buy State Bank of India, Reliance Industries, Pidilite Industries, Bajaj Auto: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com recommends buying State Bank of India, Reliance Industries, Pidilite Industries and Bajaj Auto.

November 14, 2017 / 08:51 AM IST

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "PSU banks have restarted their rally. State Bank of India is a buy with a stop loss of Rs 320, look for target of Rs 345. Pidilite Industries is a buy with a stop loss of Rs 805, target of Rs 840. Bajaj Auto has restarted its rally. That is a buy with a stop loss of Rs 3,200, target of Rs 3,350."

"Reliance Industries yesterday was trying to make some sort of bottom, but today's decline has taken out yesterday's low. So maybe more downside is still likely on Reliance and maybe we could get as low as the 50-day moving average which is about Rs 860. This week's bar is really ugly on Reliance, 6.5 percent down. With this sort of bar, often, you get follow through. So, that is why probably Nifty will underperform the Bank Nifty."

"Overall, apparel companies are doing very well, Arvind, Century Textiles, etc. In Bombay Dyeing, Rs 190 has held on as a support. I would keep this Rs 190 as a stop loss and then hope that it gets past Rs 250. If Rs 190 gets taken out for any reason, for correction in the market, you should probably take your profits off because basically a circuit to circuit type of stock and once it starts falling, you will have several down circuits before it gives you an opportunity to exit," he added.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
first published: Nov 11, 2017 08:49 am