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Last Updated : Dec 09, 2015 02:00 PM IST | Source: CNBC-TV18

Short Idea, Glenmark; buy Colgate: Prakash Gaba

Watch the interview of Prakash Gaba of prakashgaba.com with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on the market, specific stocks and sectors.

Watch the interview of Prakash Gaba of prakashgaba.com with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on the market, specific stocks and sectors.

"Bharti Airtel looks weak to me. I would prefer Idea Cellular because Idea shows some kind of a weakness. There seems to be still some headroom on the downside and Idea can slide down to levels around Rs 130-131 zone, have a stop loss above Rs 137 and trade short." 

"Colgate Palmolive (India) is a defensive buy because the structure is positive. However, what we saw yesterday and day before yesterday was more of a reaction. So reaction seems to have got over and if the market bounces back then Colgate would benefit and it can climb to levels towards Rs 995-1,000. I would have a tight stop loss at Rs 980. It is trading closer to Rs 983. So the risk reward ratio certainly is in favour," he said.

"Glenmark Pharma has broken down quite a lot now, when I recommended it was much higher but the target on Glenmark is around Rs 890. It is close to Rs 900 now. I think it can slide down even lower to around Rs 870. So Glenmark still is a short. One would have a stop loss above Rs 935." 

"Aditya Birla Nuvo looks weak to me. It has broken down from the levels of around Rs 2,000 zone; there is some kind of resistance. The stock can slide down to levels closer to Rs 1,950. Perhaps I would have a first target of Rs 1,950 and stop loss above Rs 2,000."

"The way State Bank of India (SBI) has fallen from Rs 250 zones to Rs 235; if you see some correction on the upside then those are shorting opportunities. The level of Rs 240 is a stiff resistance and if it goes closer to that, it the place to short. Personally, I want to disclose that I am short in Bank Nifty." 

"ACC has already achieved the target of Rs 1,320. It still looks down to me. The only thing is it can slide down to levels closer to Rs 1,310, now I have modified the targets and I would say that modify the stop loss as well to Rs 1,330. It still looks weak to me for a modified target." 

"Apollo Hospitals is a buy because I like the structure. It has seen good upmove and some kind of a sideways consolidation. Today it looks like a buy. One could have a stop loss somewhere below Rs 1,350 and target would be on the upside closer to around Rs 1,400. So Apollo Hospitals certainly looks like a buy."

"Pharmaceutical stocks look weak to me, Dr Reddy's Laboratories in particular, I would not short it but I would short it only if it breaks Rs 2,960. Glenmark Pharma is a call that I had given on shorting side. Lupin looks weak to me and the way it is trading, it looks like Lupin can slide down to levels closer to around Rs 1,760 or so. One could have a stop loss above Rs 1,820 and trade short."

"Nectar Lifesciences looks weak to me. It can slide down levels closer to Rs 50, where one could have a stop loss. Keep a stop loss somewhere above the levels of Rs 56 and trade it short." 

"Exide Industries certainly is looking weak. One could have a stop loss above Rs 140 and perhaps you could see Rs 130 or so, take a day or two for that. I also like Tata Motors for a shorting opportunity. I think that looks like an initial short, looks weak and slide down to around Rs 139 is possible." 

"Tata Motors (DVR) also is looking weak. It needs to break level of Rs 279. It looks like it would break because initially a sell signal has come in and once it breaks Rs 279, it will be a waterfall there. Good chance that Tata Motors DVR can slide down to levels closer to around Rs 270."

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First Published on Dec 9, 2015 11:56 am
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