CK Narayan of Growth Avenues told CNBC-TV18, “Few green shoots are visible certainly in the market such as this. One of the stocks which reacted very well to the favourable input news was Bajaj Auto. It went up with substantial volume, substantial momentum on the day when the auto numbers were announced and has managed to sustain that amount of gain through slightly tumultuous times since then, so I think Bajaj Auto in the region between Rs 2,140-2,170 it would represent a fairly a low risk entry point for somebody who is wanting to go long in this market and looking at a quality stock which has a reason to get in to it.”
”The second stock that I would look at would probably be Reliance Industries. It has been an underperformer for a long time, ever since that low is recorded a few weeks ago and we had a fairly spirited rise to which we have had a pullback. It is seemingly doing a fairly admirable job of holding on to the support in the region of Rs 860-875 and seeking to build on its earlier show of strength. I would be looking up to Reliance to lead the market out of its current morass and it has the weightage to do that So Bajaj, Reliance are two stocks that I would certainly take a look at.,” he added.
”Pharma has a pack has been on both sides of the fence. One of the stock within pharma pack which has been pretty resilient to declines and very quick to make a come back would be Aurobindo Pharma. It is in to a bit of consolidation. I would look for a slight upside breakout on short-term charts. If such a breakout was indeed available I would be quite inclined to go long in Aurobindo as well,” he said.
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
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