SP Tulsian of sptulsian.com told CNBC-TV18, "Buy United Breweries. Yesterday we have seen good amount of buying. I think that momentum will not get erased so easily. Today in the morning we saw it ruling quite weak and post that again now the buying has picked up. You can take a level of Rs 802 for intraday with a stop loss of Rs 784."
"Second long I am going on Mahindra & Mahindra Financial for the simple reason that we have been seeing the FII selling, delivery based selling in the counter ahead of numbers and that has happened till yesterday also when the results were out, market got disappointed but now I don’t think further correction is really likely," he added.
"Today we are seeing the delivery volume has really tapered off - quite low if you compare this for the last two days today the volume in the cash segment is quite low that means we are not going to see the FII selling. Share is holding its level, may be it is mildly up. In futures we are seeing the short covering happening and renewed buying coming back. So, expect the short covering, expect some renewed buying and look for a level of Rs 248 by end of the day with a stop loss of Rs 243."
"Short Biocon; huge longs got built up ahead of the numbers. Results were practically on expected lines and I would say bit subdued on the lines what we have seen for Q2 and that long position is now getting liquidated. So, look for a level of Rs 425 with stop loss of Rs 433."
"Short Canara Bank today; gone ex-dividend by Rs 6.50 but we have been seeing liquidation. In fact Canara Bank and Oriental Bank seem to be the weakest amongst the reasonable sized banks. I am not talking of the smaller mid-sized PSU banks. This weakness is likely to continue, look for a level of Rs 245 with stop loss of Rs 250," Tulsian said.
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