Buy Engineers India, Steel Authority of India: Hemant Thukral

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "We have recommended two midcap stocks which are individually seeing a lot of buying or attraction at these levels. One is Engineers India which has started seeing a lot of trading activities nowadays. On Friday, it saw 8 percent fresh open interest being added up. Delivery volumes have moved up sharply, 7 lakh shares got for delivery marked against an average of 3 lakh shares. Premium spot to future has increased. So, clearly long positions have been formed up and technically also, we feel now a very strong bottom has been formed around Rs 259-260. So, in immediate short-term we are expecting the stock to move up to Rs 279-280. That will be the target that we will be placing for the next 2-3 trading sessions.""The second stock is from a metal pack. Metals, as we all know, has been doing fairly well. We have chosen Steel Authority of India (SAIL) today for the reason of fresh open interest of 4 percent. Importantly, delivery marking has increased to 25 lakh shares whereas against the average of last seven trading sessions is only 13 lakh shares. So, almost double the quantity of delivery has been marked on Friday and as a result of this, if you see technically, stock is now closing on to Rs 50 levels," he said."What we feel is that next level of resistance for SAIL is around Rs 52-53 band. So, we are expecting that next resistance band to be tested in the next 2-3 trading sessions which is within this week. In this truncated week, anybody who is taking a long position should keep a stop loss of Rs 48.50 on the same. So, both these stocks have been recommended on basis of long open interest being added for the next 2-3 trading sessions."