Buy HPCL, Idea, IndusInd Bank: Parag Doctor

In CNBC-TV18's popular show Bull's Eye, Parag Doctor, Keynote Capital shares trading strategy of the day.

Hindustan Petroleum Corporation (HPCL) has corrected sharply from the highs around Rs 316 levels to around Rs 285 from where the upward trend has started. The stock has a multi-month base between Rs 280-300 levels. The oil sector reforms especially the partial decontrol in diesel is expected to help the upward trajectory in HPCL. HPCL can be bought with an immediate stop loss of Rs 303 and a target of Rs 317. Idea Cellular is a defensive bet in the telecom space and has been outperforming its peers. The stock has found immediate support around Rs 112 levels from the 20 day and 50 day moving average and has started moving up. Idea Cellular can be bought with a stop loss of Rs 112 and an immediate target of Rs 119. IndusInd Bank is the outperforming bank in the private sector space. The stock is also going to be included in the Nifty from next month and will lead to buying from the index fund managers. IndusInd Bank can be bought with an immediate stop loss of Rs 426 and a target of Rs 444. If the resistance around Rs 450 levels is crossed the IndusInd Bank can head to around Rs 470 levels in the medium-term. LIC Housing Finance has a multi-month basis between Rs 230-240 levels from where the uptrend has started in the short-term. The stock can be bought with an immediate stop loss around Rs 241 levels and is expected to head higher to a target around Rs 257. In the medium-term LIC Housing Finance could move up to around Rs 270 levels where resistance exists from the 50 day moving average.