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Last Updated : Dec 29, 2015 10:58 AM IST | Source: CNBC-TV18

Pick Bharat Forge, HDFC Bank, Dr Reddy's Lab: Prakash Gaba

Prakash Gaba of is of the view that one may pick Bharat Forge, HDFC Bank and Dr Reddy's Laboratories.

Prakash Gaba of told CNBC-TV18, "Bharat Forge in the short-term certainly is looking good and it can climb to levels closer to around Rs 935. I have seen a good breakout; the kind of pattern that I see in the lower regions is more of a classical textbook reversal pattern. So, I assume there is much more upside in the days to come. However, from trading point of view I would have a stoploss below Rs 880 and trade long. I won’t mind holding it for a couple of days as well because the upside seems to quite there."

He further added, "HDFC Bank is in to some kind of consolidation. It is into a sideways mode. Yesterday it did give some kind of a nudge, looks like the nudge should continue. This stock in the short-term could climb to levels closer to Rs 1090, purely a trading play. However, I would like it from a slightly longer-term perspective as well. I would have a stoploss below Rs 1,067 and trade long."

"Many of the pharma stocks are looking good including Dr Reddy's Laboratories. I like the base formation. It has given a good breakout at levels closer to Rs 3,070. So have a stoploss below Rs 3,050 and trade long, because the way it has formed the minimum target that I see is Rs 3,200 purely from a trading angle. I don’t think it is stopping there. It is going much higher up. So, I would say that since pharmaceutical has turned around Dr Reddy could be a better buy."

"Tata Motors is actually looking good; seen a good upmove, sideways consolidation and a fresh upmove is started a nudge. I think Tata Motors can climb to levels in the short-term around Rs 405 but it is going higher than that, keep stoploss below Rs 388," he added.

"In Bata India there is a very strong support at Rs 496. So, looks like it is holding out, technical targets in the short-term purely from the trading angle is Rs 523 but I like the structure of Bata, looks like there is some kind of strength. I think it is good buy."

"Britannia Industries seems to be a safer bet looks like a good upmove has started here. It is more of a sideways move but then nudge up there is. The stock can climb to levels closer to Rs 2,960 and keep stoploss below Rs 2,892."

"ITC looks like a safer buy here. Looks like it can climb to levels closer to Rs 332, may be Rs 335 is possible but at Rs 332 I would book my profits, stoploss below Rs 325," he said.

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First Published on Dec 29, 2015 09:36 am
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