Manoj Murlidharan Vayalar, IIFL is of the view that Piramal Healthcare can go upto Rs 502, keeping a stop loss at Rs 482. Punjab National Bank can touch Rs 702 and Sun Pharma has target of Rs 686.
Murlidharan told CNBC-TV18, “We are looking into those scrips which are having open interest negative that will count for a short covering. We are essentially seeing that the volumes in the futures has to be more. Ideally there are many stocks in the 170-180 stocks that we have in the Futures and options, there is a ratio between the cash volume and the F&O volume so those which are having a ration of more than 1:2, any scrips more than 1:2 or a 1:3 is what we are looking into.” He further added, “So we have filtered down a couple of scrips; one is Piramal Healthcare that was my top pick on Friday as well but today also we feel there is good short covering going on, which can go on till Rs 502, keeping a stop loss at Rs 482 and it is trading at Rs 490. Second is Punjab National Bank at Rs 690, and Rs 682 is a stop loss and we are expecting Rs 702 on that. We would pick Sun Pharma as well trading around Rs 677 with a stop loss at 671 and expecting Rs 686, we are confident on that as well.”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!
