Buy ITC, Maruti Suzuki, JP Associates: Panda

Jitendra Panda, Future Capital is bullish on ITC, Maruti Suzuki and Jaiprakash Associates. ITC has target of Rs 316, Maruti can touch Rs 1640 and Jaiprakash Associates can see Rs 78 level.

Panda told CNBC-TV18, “Telecom, IT and to some extent capital goods and engineering are doing well. But then my recommendation would be little offbeat. I would like to go on ITC where we are seeing continued, today also long positions building up and good amount of about Rs 5 lakh open interest has been added. So we believe that Rs 300 stop loss could be maintained and Rs 316 could be the target where we could see on ITC. That stock is where I am recommending a little on the defensive side although we are seeing other sectors also doing well.”
He further added, “In addition to that, on the auto sector where Mahindra and Mahindra and Tata Motors have seen long positions on the positive side today but my pick is Maruti although it is Rs 5-10 down but holding the Rs 1,600 levels. So we would like to maintain the Rs 1,605 stop loss and should see Rs 1,640. We will have to wait for the M&M results but still we would recommend to get an Maruti - that is another play on the auto side where we have Bajaj Auto in two wheeler also are doing well. But my top pick is Maruti at this level.
”The final stock and a high beta stock in the mix of recommendation, the high beta stock - JP Associates. If you observe, volumes have come down. The selling is one way. It has taken a big drubbing in the last week to 10 days. So maintain a stop loss of Rs 72 where it has got a strong support. We should see Rs 78 levels. It’s a high beta stock. Any positive action on the market and this stock could play to Rs 78 levels. So those are the three picks which we have although bottom market is doing where it has to do.”