In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com, SP Tulsian of sptulsian.com and Hemant Thukral of Aditya Birla Money give top pick for the day.
Sudarshan Sukhani of s2analytics.comMarket is cheerful and in cheerful market we have been suggesting that this is now slowly coming as the season of midcaps. How long it will last is a different question. But whether it lasts five days or ten days or more, we should try to get advantage of this environment.
I would be looking to buy midcaps. The percentage gains here are much more. We are looking at Hexaware. IT stocks has been recommended earlier. Midcap IT has been the preferred sector and Hexaware has made a bullish ascending triangle. It has come out of that triangle on the upside so it is giving pattern targets, which will be the triangle targets and we never know it could also exceed the pattern targets. So, Hexaware should be considered for buying today.
A lot of beaten down midcaps are now suddenly perking up. Some of them are stocks that we will ignore completely because either the fundamentals are not good or in case of technical, the technical are so bad that the slightest revival does not interest us, but we have Adani Enterprises. Adani Enterprises started from Rs 200, went near Rs 300 and then corrected the entire rally. After correction it still stands at very strong support level. It has not gone in the dumps. It is still a correction. It maybe 100 percent correction but it is still just an upswing, a downswing and a strong support level. So, Adani Enterprises should be considered for buying today. SP Tulsian of sptulsian.com Hindustan Oil Exploration Company (HOEC) looks a good buy at around Rs 65 because the corrections have taken place in the stock, about a month back it use to rule closer to Rs 100 but because of very bad numbers having posted by the company for December quarter because of the one time impairment loss of over Rs 500 crore we have seen the stock correcting to about Rs 60. But for last couple of days we are seeing renewed buying happening in the stock and this kind of indications shows that the stock is in accumulation and can give a breakout at any point of time. Hemant Thukral of Aditya Birla Money
Yesterday we had seen 27 percent open interest fresh has been added up with the cost moving up from 25 bps to 52 bps, reflecting that long positions have been added up in Apollo Tyres. Technically the stock has managed to close above Rs 90 yesterday. It was being consolidating in a range between Rs 86 to Rs 90 from last three weeks. Closing above Rs 90 means that in immediate short-term the stock should test the next resistance level, which is at Rs 97.
The power midcap stock, JSW Energy, we have seen cash volume increasing in JSW Energy by 110 percent from Wednesday along with open interest adding up to the tune of 4 percent, again premium increasing implies that long positions have been added up here. Technically, the stock has managed to close above Rs 60, which was its 20 days moving average, reflecting that it should go ahead and retest 50 days moving average, which is in the zone of Rs 67-68. Traders should keep a stop loss of Rs 56.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!