Watch the interview of Prakash Gaba of prakashgaba.com with with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on the market, specific stocks and sectors.
"Reliance Communications has bottomed out. I like the structure near the lows of Rs 60, the way it has moved up from Rs 60 to Rs 80 and then again reacted and bounced back. It looks like the worst is over for Reliance Communications. It has given a breakout and even if it closes here, where it is now then I would say that it has given a breakout at Rs 81."
"I would see a target beyond Rs 100 but Rs 100 would be a psychological resistance for the stock. In the short-term if someone has to buy it, the stop loss need to be slightly deep below Rs 70 and trade long and try and exit around Rs 90-95 zone. Actually it is a buy on dips stock, looks good to me," he said.
"Divis Laboratories looks a tad weak because it looks tired in the upper region. Not very comfortable shorting it but nevertheless it is a short and Divis can slide down to levels closer to Rs 1,085 with stop loss above Rs 1,145. It looks a bit tired and that is why it is a short."
"United Breweries too looks like a short and it has given an indicator sell here. It can slide down to levels closer to Rs 923, stop loss above Rs 960."
"HDFC is looking weak to me and have a stop loss above the levels of Rs 1,200 but it can slide down to the levels closer to Rs 1,170. When I look at HDFC Bank, it looks weak to me; it can slide down to levels closer to Rs 1,058 or even lower."
"Axis Bank is sideways. I do not find a buy signal neither do I find a sell signal, best avoided. Bank of Baroda could be a sell here. Very good chance, it could slide down. I would have a stop loss somewhere above the levels of Rs 171-171.50 zone and expect it to slide down to levels closer to Rs 165. Once it goes to Rs 165-166 then it gives a fresh sell perhaps we can see some more downside in the days to come, but now it is closer to support. It is a short but closer to support," he added.
"I have chosen SAIL because I like the way it is going up. It still looks a bit flat but looks like it can climb to levels closer to Rs 48. It may take a day or two for that but looks like Rs 48 on the cards, have a stop loss below Rs 46. Trade it long, aggressively buy."
"Mahindra and Mahindra looks tired in the upper region. I like the way it has turned and it looks like it can slide down to levels closer to around Rs 1,300 zone and have a stop loss above Rs 1,344. Trade short, Rs 1,300-1,315 are the two levels I am looking on M&M."
He further said, "Voltas needs to cross level of Rs 300, until that happens I would assume it is down. So any upmove that we may get in Voltas would be a suspect, in fact once it breaks levels of Rs 280-278 on Voltas, we could see further slide to levels closer to Rs 260. I would say it is down, unless it crosses Rs 300, we must assume it is down."
"Tata Consultancy Services (TCS) is a classical sell. Once it breached Rs 2,500 on the downside, the downward trend has started and it confirmed a classical textbook pattern. So I would assume it can slide down to levels closer to Rs 2,150 or even Rs 2,200 zone, it may take few weeks for that but looks like any upmove that we get in TCS would be shorting opportunities because it has broken an important support of Rs 2500."
"Royal Orchid Hotels has fallen from Rs 260 to Rs 20 but the way it has negotiated the lower region, it looks like it is a classical textbook reversal pattern. It should be bought for delivery and hold. It has given a breakout at Rs 51 zone and as long as it stays above Rs 51, upside is on and Rs 75 is the first technical target that I have. It may take weeks for that but Royal Orchid is certainly looking good to me."
"EIH can climb up to levels closer to Rs 135. It may take time for that and need a deeper stop loss because it is more of a delivery stock, target is Rs 135."
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