Buy HCL Tech, Biocon; sell Union Bank, BOI: Manoj Murlidharan

Manoj Murlidharan of Religare Securities told CNBC-TV18, "HCL Technologies is an wonderful stock at this point in time. The level of Rs 726 happens to be a very good support irrespective of the volume weighted average price (VWAP) of net buying which has happened in the last couple of months. Needless to say it is also on a standard deviation of -2. I feel HCL Technologies on the cash or for the May futures is an excellent buy. At Rs 725-726 you can buy, keep a stop loss somewhere close to Rs 710-714. A good move all the way to Rs 768 is what I am expecting. So, I am positive on HCL Technologies." "I would still buy Biocon, somewhere close to Rs 609-611 is where I advocate we can buy the stock and keep a stop loss of Rs 604. I am expecting a target of Rs 622," he said. "I would be selling Union Bank of India at Rs 126 with stop loss Rs 131 and target of Rs 119." "Bank of India is a sell at Rs 88, stop loss of Rs 91 and I am expecting Rs 82 in it. Syndicate Bank is also a sell at Rs 69 with stop loss at Rs 71 and target of Rs 64," he added. "The market is flat, we might see some gap up or maybe a bounce, couple of 20-50 points odd but then it is a sell and unfortunately the bull market seems intact because from 7,580 onwards we might go to a new high. However, till that is where we are expecting this correction to be over. So, it is a sell on rise especially on the banks and the banking stocks, PSU should be sold at every rise."