Watch the interview of Mithil Pradhan of Violet Arc Global Managers with Sumaira Abidi and Reema Tendulkar on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Below is the verbatim transcript of Mithil Pradhan's interview with CNBC-TV18
Infosys
We have been bullish on IT from almost about three years if I remember and we still continue to see very god indications on the IT index and IT stocks. Infosys is both a long-term as well as a short-term trade. Nasdaq has created a double bottom and if you see mainly all the sectors across the globe usually move in sync.
As far as IT index is concerned, it is over sold on the weekly momentum oscillators. This is a great place to get into and in about four to six weeks we will be able to see good upside in IT. So I would rather pick up the leader which is Infosys.
Hindustan Petroleum Corporation
Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) are bucking the trend. Yesterday there was a break out in HPCL above the 665; it is currently trading at about the same levels. Now, the break out has happened from a pattern which is called an ascending triangle pattern and it is giving an upside to almost about Rs 740 odd to about Rs 750 odd levels.
This is definitely a good buy though the market might not do much but then this is where the momentum is. So you should be definitely long in HPCL.
Adani Ports
Adani Ports has created a flag pattern which is an Elliot pattern and at the same time it has created a falling wedge pattern which is a flag pattern again. It is over sold on the weekly scale, so there is a lot of upside with very less amount of downside. I am looking at Rs 356 as the ideal target but then I will not be surprised if it goes to about Rs 370-380. The long term chart is looking absolutely fantastic.
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