This Article is From Apr 08, 2016

Buy Delta Corp, Balrampur Chini, Axis Bank; Exit BHEL: Ruchit Jain

Buy Delta Corp, Balrampur Chini, Axis Bank; Exit BHEL: Ruchit Jain
Ruchit Jain, equity technical analyst with Angel Broking, expects the Nifty to test 7,490 in trades on Friday. Markets are in a corrective mode after the spectacular rally seen last month, he said. The Nifty has first support near 7,490 and then at 7,420 and investors should take long positions around 7,420, Mr Jain added. (Watch)

Stock Talk

Buy HDFC: The stock is likely to test recent low of Rs 1,007 which was made in the month of February. From the long term perspective, the stock has support near Rs 960 and investors should buy HDFC if it falls to these levels.

Buy HDFC Bank: This stock will outperform other private sector banking shares. Investors should buy this stock on declines up to Rs 1,010.

Buy Axis Bank: After correcting from highs of Rs 640, the stock has been consolidating between Rs 360 and Rs 450 zone. The stock is likely to consolidate in this range for some more time and investors can buy this stock around Rs 380-400.

Buy Delta Corp: The stock is in a good uptrend. Delta Corp can go up to Rs 88-90 and on the downside, the stock has support around Rs 70. Investors who are holding should continue to hold and those looking to buy should enter around Rs 70.

Buy sugar stocks: In last 3-4 months, sugar stocks have given good returns. The uptrend will continue for next 1-2 months and Balarampur Chini and can go up to Rs 130-135. Investors can buy the stock with stop loss below Rs 90.

Exit BHEL: Investors who are long in BHEL should exit the stock around Rs 130-132, which is a big resistance. Fresh longs in BHEL will be a risky bet.

L&T: The stock is showing signs of consolidation. It moving in range between Rs 1,150 and 1,250 and unless it gives a breakout on either side, it will be difficult to take trading call in L&T.

Exit Tata Steel: Investors who were buyers at lower levels should start booking profits as good up move has been seen in this stock from Rs 200. The stock can retrace to Rs 300 in the near term.