Watch the interview of Sameet Chavan of Angel Broking with Reema Tendulkar & Sumaira Abidi on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Below is the verbatim transcript of Sameet Chavan's interview with CNBC-TV18
BPCL
"BPCL has been outperforming since last five to six trading sessions. Last week we witnessed a breakout from downward sloping trend-line around Rs 780-785 with an upward gap. So, that clearly indicates that the stock is likely to move higher in next few trading sessions. Since last three to four trading sessions we have witnessed a sideways move but today we are seeing a good traction in the stock and it has broken its last week’s high of Rs 792-795."
"It indicates that another three to four percent upside move is quite possible in BPCL. Hence we have a target of Rs 830 and we are maintaining a stop loss of Rs 780," he added.
ACC
"ACC is clearly trading in downtrend on the weekly chart. Previous important support level of Rs 1,530-1,540 is now acting as a strong resistance. On Friday we witnessed a narrow range body formation which is a clear sign of uncertainty around the resistance zone."
"Going forward looking at the stochastic momentum oscillator, we expect the stock to give some immediate correction towards Rs 1,450-1,440. We are maintaining a negative stance with a target of Rs 1,440 and stop loss can be kept at Rs 1,543," he added.
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