Manoj Murlidharan Vayalar, head of derivatives at IIFL PReMIA recommends going long on ONGC in the September contract with a stop loss of Rs 252. He expects the stock to rise to Rs 274 levels.
His second pick is to go long on Unitech around Rs 26.50 levels. He maintains a target of Rs 28.20, with a stop loss of Rs 25.40. Mundra Port broke its crucial support of Rs 150 during yesterday's session and the stock closed below that. Therefore, Aditya Agarwal, sr derivative analyst at Way2Wealth Securities Pvt Ltd expects selling pressure to continue in this stock. He believes that the stock can test Rs 140. So he advices traders to initiate fresh short positions at current levels with a target of Rs 140 and stop loss of Rs 155. His second pick for the day is Bharat Forge, which has seen a good correction in last couple of days. Agarwal says that he expects the short covering rally in the stock to continue till Rs 296 levels. Therefore, his recommendation is to initiate long positions in Bharat Forge with a stop loss of Rs 272 and target of Rs 296. Watch the accompanying video for full details.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
