Cipla, Tata Steel can do well: Panda

Jitendra Panda, Future Capital is of the view that Cipla and Tata Steel can do well.

Panda told CNBC-TV18, “I believe if you are looking for today or for the February series, Cipla could do well. Cipla is looking very well placed after a good consolidation on long positions have been built on the February series and could see some action today also. We are recommending Cipla at the current level on the futures. We expect a target of around Rs 420-418 range to come in the February series. So it can be played for today or with February series that could be more recommended. That is where Cipla is looking good.”
“The metal sector also is looking positive, Tata Steel could do well. So Tata Steel is another sector where currently the rollover is happening on the long side and Tata Steel is also looking at Rs 418 – we would like to keep a stop loss there at Rs 400 for the February series but could be played for today also on the long side.”
“IT sector has seen lower rollovers especially the large-caps. So we are cautious there and we will recommend not to take long positions there but even a short position may not be viable there in the current market scenario.”