In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com, SP Tulsian of sptulsian.com and Hemant Thukral, Aditya Birla Money give top pick for the day.
Sudarshan Sukhani of s2analytics.comMarkets have become choppy and we should be looking to sell wherever we can and my recommendation for going short today is Bank of India. It is part of the PSU pack that has been underperforming. It was in a trading range when the Nifty was going up and now after Nifty’s choppy market condition yesterday the Bank of India is on the verge of a breakdown. It is just on the verge of breaking below a strong support level. So today if you see the slightest sign of weakness, consider going short in BOI, please use stop losses.
A stock that I could recommend for buying today is Raymond. It went through a bear market, that bear market came to an end and a basing pattern has already been in progress. Raymond made a bullish head and shoulder pattern that tells us that an intermediate uptrend is now starting. The stock is on the verge of breaking out of this pattern, so for today we could anticipate a breakout. Even if a breakout doesn’t come we could anticipate cheerful prices. Consider buying Raymond today. If market opens weak wait patiently till the share shows signs of some strength. However, there is an intermediate uptrend coming in this one. SP Tulsian of sptulsian.com
I am giving a short call on Crompton Greaves at about Rs 103 which can correct to a level of Rs 96-97 in this week itself because lot of buying has seen happening in the stock last week because of the euphoria having built on the capital goods sector on the hopes of the delisting move likely by ABB which was subsequently denied and now the trading and short-term investment positions having created by the market men are seen getting liquidated. Even if we take a call on its results which are expected to be quite dull and poor in Q4 will make the stock to correct in the time to come and hence a short call. Hemant Thukral, Aditya Birla Money
First strategy is on midcap stock Sintex Industries. Now this traders favourite stock yesterday has seen fresh open interest being built up to the tune of 6 percent along with premium in Futures increasing clearly implying that long open interest is being built up. Technically also the stock has formed a strong bottom around Rs 47.5-48 zone and yesterday it has managed to cross Rs 50 clearly telling that it has given a fresh breakout where in stock can give an increase of at least 7-8 percent from current levels. Therefore we recommend to go long in Sintex, keep a stop loss of Rs 48 and a target of Rs 54 on it.
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