Pantaloon, VIP look good for long term: Way2Wealth

Aditya Agarwal, Way2Wealth is of the view that Pantaloon, VIP look good for long term

Agarwal told CNBC-TV18, “Pantaloon is one counter in which we have seen some good breakout and after a long time we have seen a breakout in this stock. So I think Pantaloon will be one counter in which the long positions can be initiated. Probably we can see a profit booking in tomorrow’s session in Pantaloon, as that stock is already rallied by almost 15-20 percent in last two trading sessions. But if this stocks comes in the range of Rs 190-195 that will be a time when long positions can be initiated. Similarly VIP Industries is another counter in which we have seen some bit of long positions getting accumulated at lower levels in cash market. So VIP will be one counter where long positions can be initiated around Rs 86-87 levels. So Pantaloon Retail and VIP, both these counters are looking good and long positions can be initiated." He further added, "There is sugar space and that is looking is weak. We have seen some unwinding of long positions. In last two weeks we have seen lot of long positions getting built up in sugar counters, but now we are seeing some selling pressure into the sugar space. So sugar will be one sector in which long positions should be avoided and one can create short positions in sugar space.”