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Last Updated : Jun 10, 2016 11:20 AM IST | Source: CNBC-TV18

Buy Reliance Industries, ITC may slip to Rs 340: Prakash Gaba

Prakash Gaba of prakashgaba.com recommends buying Reliance Industries and feels that ITC may test Rs 340.


Prakash Gaba of prakashgaba.com told CNBC-TV18, "Jet Airways moved up in the last trading hour and formed a kind of support closer to Rs 557 or so, so I would assume, if market is up or even if it is not up, it can climb to levels closer to Rs 589-590 zones."

"As far as SpiceJet is concerned, exactly similar is the case and perhaps we can see a move until Rs 68-69 to even Rs 70 in the days to come, keep stop loss below Rs 62," he said.

"HDFC looks more tired. It is not weakness but it is more of a tiredness and perhaps it could fall by its own weight and the target on the downside is around Rs 1,220, keep stop loss above Rs 1,250."

"As far as ITC is concerned it is more of tiredness on the upper region. So perhaps a slide is possible to levels around Rs 340 and keep stop loss above Rs 360."

"Reliance Industries is a buy. It is trying to form a base here. It has formed higher base, strong support in the vicinity of Rs 950-960 zones, so I would have stop loss at Rs 950 and trade long. On the upside maybe around Rs 990 maybe Rs 995 maybe Rs 1,000 is a possibility. It needs a breakout but looks like it should get one."

Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.

"Oil and Natural Gas Corporation (ONGC) looks good to me. It has stop loss around Rs 218 and possible target on the upside could be in the vicinity of Rs 226-227."

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First Published on Jun 10, 2016 09:46 am
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