In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com, SP Tulsian of sptulsian.com and Amit Trivedi give top pick for the day.
Sudarshan Sukhani of s2analytics.comMarket continues to slide and the best opportunities are on the short side of the market. We suggest going short in Steel Authority of India (SAIL). It has been in the news for all the other reasons but the chart patterns tell us that there was a trading range and that trading range broke down yesterday. So we should expect a lot of follow-through today as well as in the subsequent days. So SAIL should be considered to be a short selling idea with a short-term target of Rs 60.
Any number of midcaps have disappointed, one of them is Aurobindo Pharma which is a suggestion to sell. This is a short selling candidate, a stock that had rallied and doubled itself from Rs 100 to Rs 200 and has now begun a correction that starts appearing like a bear market. Aurobindo Pharma is a short sell for today. It was again in a trading range, that trading range has broken down. We are looking at an initial target of Rs 135 but the possibility is that the final lows of this bear market for Aurobindo could be much lower. SP Tulsian of sptulsian.com ABG Shipyard now ruling closer to Rs 340 looks a good buy because for the last two-three days we have been seeing informed buying coming into the stock and that has made it swiftly move up by about Rs 45-50 in last three-four days. Going by its past trend when it used to rule practically above Rs 400 seems to be coming back. So taking these cues for the last three-four days the stock has potential to move to about Rs 375-380 in next one week or so. Amit Trivedi
Given the way markets are moving we have a long and a short strategy for today. Investors can buy Tech Mahindra at around Rs 1065, put a stop loss at Rs 1058 and play for a target of around Rs 1078.
One can sell IndusInd Bank at around Rs 408 for a potential target of Rs 402 and put a stop loss at around Rs 414 levels.
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