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Last Updated : Sep 08, 2015 10:57 AM IST | Source: CNBC-TV18

Here are some stock picks from Siddarth Bhamre

Watch the interview of Siddarth Bhamre of Angel Broking with Latha Venkatesh and Sonia Shenoy on CNBC-TV18, in which he shared his reading and outlook on market and specific stocks.

Watch the interview of Siddarth Bhamre of Angel Broking with Latha Venkatesh and Sonia Shenoy on CNBC-TV18, in which he shared his reading and outlook on market and specific stocks.

Below is the verbatim transcript of Siddarth Bhamre's interview with CNBC-TV18

Punjab National Bank

"Since last two weeks, we have been generating only sell calls. So today, I decided that I will not generate any sell calls, because we already have a lot of sell calls, so I was trying to find out some stocks which may not fall significantly and may show some bounce. Though I found it a bit difficult to find those stocks, Punjab National Bank (PNB) is one among them."

"We have seen that there is no incremental short formation in PNB, unlike in State Bank of India (SBI) or private sector space. There are a lot of short positions getting formed. On Friday's session there was hammer which was formed near the support of Rs 125-126 in PNB. So I think this stock can show some bounce, I am not saying investors to invest in this but traders who are looking for buying opportunities thinking that market is oversold and some bounce back may come then probably PNB can show some bounce. I am expecting it to go to Rs 138-140 odd levels, fix a strict stop loss of Rs 121 and go long in it," he said.

Bharti Airtel

"What we have seen is that last month on August 24 and 25, there was huge pile up of positions in Bharti Airtel. On the face of it, it appears that these are short positions which got piled up near Rs 350-340, which is a strong support but since then market has fallen significantly and Bharti did dip for a while but it is still hovering around the same levels. So you have to change your mindset that those were only short positions. So Bharti should hold its support."

"I am expecting a bounce in Bharti Airtel again. On Friday, the stock has shown some strength despite the market which was not that great. So I am expecting the stock to bounce back. Though not very aggressive targets but Rs 362 is what I am expecting, one can fix stop loss somewhere around 339," he said.

Housing Development Finance Corporation

"Last week we had shorted Housing Development Finance Corporation (HDFC) around Rs 1,200 with a price target of around Rs 1,108, that worked out. It is quite possible that the stock may bounce but the bounce may not be significant. Even ICICI Bank, State Bank of India (SBI) and Tata Motors can show you some slight bounce and a trader who is looking from one-two days perspective can trade with positive bias."

"In such kind of market, simple analysis is working, don’t look at too much of technical analysis. If there is a lower top lower bottom in your weekly chart, be a seller. In derivatives research, if foreign institutional investors (FIIs) are selling in cash market and falling index shorts, don’t look at any other parameters. From that parlance, a positional trader who has horizon of 5-10 trading sessions should not go long, not even go long in stocks like Bharti Airtel and Punjab National Bank (PNB). These stocks are mainly for two-three trading perspective," he said.

"HDFC can bounce but if you are expecting it to go a little back to Rs 1,220-1,250 levels, I think they are asking too much in this kind of market," he added.

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First Published on Sep 8, 2015 09:45 am
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