Buy PNB, Va Tech Wabag, TVS Motor: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "My first recommendation is a buy on Punjab National Bank (PNB). I believe this particular stock is bottoming out. Now, bottoming is a process in which the stock tends to move in a narrow range, doing virtually nothing. In this particular case, for the last one month it has been moving in a range and thereafter, it has created a bottom kind of a structure. It is now breaking out from a rounding bottom pattern. So, it is the right to time to buy this counter for target of Rs 93.""Second recommendation is buy on Va Tech Wabag. The stock has given a breakout from a flag pattern. Flags are generally considered to be continuation pattern in nature. So, you expect the recent run up which we had just couple of weeks back to continue on the upside. So, buy Va Tech Wabag for a target of Rs 570," he said. "Our final recommendation is a buy on TVS Motor. This stock is knocking on the door of resistance since last three months. In fact it has been moving in a range bound fashion between Rs 298 and Rs 257. Now, Rs 257 is the middle of the current gang channel. With short-term oscillators turning positive, we expect this stock to not really break past the barrier of Rs 290, but also sustain above the same. So, buy for a target of Rs 310.""Dredging Corporation India is a classic stock which is coming back to its previous resistance. Now this resistance is acting as support. So, we need to consider this stock from a long-term perspective and buy this counter. On several occasions, the level of Rs 275-290 was held out as a strong support. The stock is moving its base higher. So, I am expecting a target of Rs 440-450 in the next couple of months."