Buy Coal India; negative on Eicher, positive on Hero: Angel

Siddarth Bhamre of Angel Broking told CNBC-TV18, "Coal India has very strong support around Rs 290 odd zone. It corrected from Rs 320 plus levels. So, I am expecting this stock to go back to its pre-dividend level which is Rs 320 and hence suggesting to go long near the current support levels of Rs 290-295 with a target of around Rs 321. Fix a small stop loss of Rs 386 and go long.""Not everything is looking very positive though you know most of the heavy weights which we have spoken before in last couple of weeks continues to be buy. However, some of these stocks are showing they may correct from the current level and specially some of the portfolio manager favorites like Eicher Motors. This stock in in last two-three weeks has bounced back significantly without any formation of long position. It was mainly covering which was happening. Now we are seeing some traces of formation of short positions over here," he said. "I believe that Hero Motocorp can do better than Eicher Motors in this kind of economic scenario. I believe that at current level of Rs 19,700-19,800 to Rs 20,500 levels will act strong resistance for the counter. Initiate fresh shorts over here with a target of around Rs 18,450 and stop loss should be bit higher at Rs 20,660 levels odd. I am bit negative on Eicher Motors and positive on Hero Motocorp. So even a pair trade can be initiated for traders who want to take less of risk."