Watch the interview of Sameet Chavan of Angel Broking who shared his readings and outlook on specific stocks and sector & Kalpesh Ashar of Full Circle Financial Planners & Advisors answered few personal finance queries.
Below is the verbatim transcript of Sameet Chavan's interview with CNBC-TV18:
DCB Bank
One should remain invested in DCB Bank. The stock has been outperforming since last few months in the whole private banking stocks; Rs 120-122 is now seen as a strong support. This stock is clearly maintaining its higher top, higher bottom formation. So, as of now, one can maintain a position by keeping a stoploss of Rs 120 and once the stock moves beyond Rs 138, this has a potential to move towards Rs 146-148.
Future Retail
Future Retail is clearly lacking participation. Volumes are quite low since last many months now. Chartically speaking, this is purely in a sideways trend wherein Rs 110-112 is acting as a strong resistance and lower side Rs 95 is a strong support. Since this stock is trading around its lower end of the range, I would suggest to hold on by keeping a strict stoploss of Rs 95 and once the volume picks and the stock moves beyond Rs 110-112 on a closing basis, then only we could see some kind of momentum probably towards Rs 120-122. But as of now, my suggestion would be to hold on with a stoploss of Rs 95."
Pharma Stocks
In the near term the overall pharmaceutical space is undergoing a corrective phase but we believe that if one has two to three years of horizon then probably one can enter Sun Pharmaceutical Industries, Dr Reddy's Laboratories and Ipca Laboratories on every dips. These are in house positive coverage stocks so we believe that any dips from current level in all these stocks he can invest his money.
Ashok Leyland
Ashok Leyland has been an outperforming stock. However, last 3-4 months this stock slipped into a consolidation phase. On the higher side Rs 76 is acting as a strong resistance and lower side Rs 64-65 is a strong support. So We believe that either one can enter at lower level on decline towards Rs 68-66 or else if the stocks gives a closing beyond Rs 76-77 that can be called as a breakout then one can invest with a momentum for a target of Rs 84-86. There could be two scenarios either buy on decline or beyond Rs 76-77.
State Bank of India
In last 6-8 months overall PSU banks stocks have undergone a massive price wise correction. However, looking at the State Bank of India (SBI) weekly as well as monthly chart, it appears that the stock has found its base around Rs 245-250 and is now moving higher, so one can remain invested, Rs 250-245 is the strong support. One can maintain a strict stoploss of Rs 245 on a closing basis. In the near term if stock surpasses Rs 275-278 we could see immediate surge towards Rs 288-295. So as of now one can definitely hold on to its position.
Alok Industries
Alok Industries has been a laggard over the past four to five years. However, during June 22-25, this stock rebounded from its multi year low of Rs 5.5-6 in the last two days, it has given a decent appreciation from lower levels. There is possibility of some near-term bounce probably towards Rs 8-8.5 but, I would suggest, one should exit on every meaningful bound probably towards Rs 8.5-9. This stock should be avoided until and unless we do not see any reversal either on weekly or monthly chart.
Voltas
Voltas has outperformed our benchmark index when Nifty was sliding from the levels of 8,400-8,450, this stock appreciated from the levels of Rs 270-275 towards Rs 350. However, Rs 350-360 is acting as a strong resistance. So, in the near-term, this stock might see some correction at higher levels probably around Rs 335-340 as near-term resistance. So, if one has a near-term view, one should exit on every bounce towards Rs 335-340. On the low side, Rs 300 is a strong support. If one has a longer-term horizon, then he/she can remain invested by keeping a strict stoploss below Rs 300 on a closing basis.
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