Sudarshan Sukhani, s2analytics.com advice traders to buy Ambuja Cements around Rs 190.
Sukhani told CNBC-TV18, “I would not touch Karnataka Bank and that does not mean the stock is not going up. It means that trading has its own methodology. You buy stocks that have the potential to go up and that have a reasonable setup that justifies the risk that we take. Karnataka does not have that.”
He further added, “A far better choice is Axis Bank, ICICI Bank and State Bank. I have referred to all these three banks just a bit earlier and HDFC Bank. I would not go for Karnataka at all.”
“JP Associates has been a favorite for a long time. It remains so, but JP is now touching a target that was set for it many weeks ago. So once a stock touches its target, in this case Rs 100 I would be very careful of saying okay, go and buy it now. The stock could easily drift into a consolidation into choppy waters for many weeks and the traders would be left stranded. So the best trade in cement will come in Ambuja. Ambuja’s correction towards Rs 190 would be an excellent location to buy it.”
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