Watch the interview of Kunal Bothra of LKP Securities with Sumiara Abidi & Reema Tendulkar on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Below is the verbatim transcript of Kunal Bothra's interview with CNBC-TV18.
Power Finance Corporation after correction went into a consolidation period for three to four weeks. However, yesterday and today the stock breaking down. It has already broken the swing low of around Rs 250-252 and that opens up a fresh leg on the downside. The critical support for Power Finance Corporation (PFC) is around Rs 220 which is a 200 day moving average.
I believe with any selling pressure further in the Nifty there could be a chance that the stock may correct further till levels of at least Rs 236 from a very short-term perspective. I am giving a stoploss of Rs 248 in it.
Today Mahindra and Mahindra (M&M) and Hero Motocorp are showing some bit of strength. Hero Motocorp chart is trading at the upper end of the resistance band whereas most of these stocks from the frontline and the midcap space are trading at the lower end of this band.
There seems to be a chance that the stock may see further upside from here. I am giving a stoploss of Rs 2770 on Hero Motocorp with a potential target of at least Rs 2950.
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