Watch the interview of Nooresh Merani of Analyse India with Sumaira Abidi & Reema Tendulkar on CNBC-TV18, in which he shared his reading and outlook on market and specific stocks.
Below is the verbatim transcript of Nooresh Merani's interview with CNBC-TV18.
Divis Laboratories
Divis Laboratories has been in a long-term uptrend but in the short-term it made a double bottom around Rs 1,630-1,650, there were almost two to three bottoms in the band of Rs 1,640-1,650. In the short-term it has given a breakout above Rs 1,750 which gives us a target price of Rs 1,900 over the next few weeks and a stoploss to be placed at Rs 1,700.
Rural Electrification Corporation
Rural Electrification Corporation (REC) has done nothing from the last three months and it has been consolidating in a tight range which we call as a triangle pattern that has a breakout above Rs 340-345 which was done yesterday. This gives us a target price of Rs 370-390 in the short-term but this could be a major trend change going ahead.
I expect much bigger moves going ahead into the next three to six months. It is a good risk reward entry point at current level as well as the short-term target and we could be looking at much longer-term moves.
Power Finance Corporation
In Power Finance Corporation Limited (PFC) we expect a target price of Rs 340 or higher in the short-term. We expect PFC and Rural Electrification Corporation (REC) which have given triangle breakouts to surprise over the next few weeks. I would go with both of them.
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