Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "Housing Development Finance Corporation (HDFC) would come into the Volume-Weighted Average Price (VWAP) though it is not really topping the list. We have HDFC Bank, Kotak Mahindra Bank followed by Punjab National Bank (PNB) which would top the list. I would still wait for HDFC to give some correction till tomorrow and then it becomes a buy, but as of now I guess Kotak Mahindra Bank is top buy, somewhere close to Rs 580, keeping a stop loss of Rs 560 and Rs 640 is what we are expecting on that."
"Most importantly, if this VWAP unwinding happens tomorrow like we are expecting then that can extend the next two days of the fresh contract as well. Usually people feel this is because of expiry and in the first days into the new contract one will see the selling continuing. Second would be PNB which is trading at Rs 435. With a stop loss of Rs 420 we are expecting Rs 460 on that, he said. "We should keep a stop loss close to Rs 528 in HDFC Bank which is at Rs 545 and Rs 582 is what we are expecting on that. ITC is one script which I will wait for Tuesday or Wednesday to get into a VWAP trade. I would still go long with that, Rs 290 is what it is at. Keep stoploss at Rs 281 and Rs 312 is what I am expecting on that."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!
