Buy Reliance Infra, Aurobindo Pharma; Avoid Ashok Leyland: Sumeet Bagadia

Buy Reliance Infra, Aurobindo Pharma; Avoid Ashok Leyland: Sumeet Bagadia

Sumeet Bagadia says correction should be used as a buying opportunity in Nifty for target of 8,400.

The Nifty can see a correction up to levels of 8,300-8,280 if 8,400 is not taken out, says Sumeet Bagadia, associate director at Choice Broking. Any correction should be used as a buying opportunity in Nifty with stop loss around 8,270-8,280 for target of 8,400, he added. (Watch)

Stock Talk

Buy Reliance Infrastructure: The stock is looking good on charts. Investors can buy this stock with stop loss at Rs 545 for target of Rs 590 to Rs 620.

Avoid Ashok Leyland: Investors should avoid this stock at current juncture. However, it will be a good buying opportunity on dips around Rs 87-88 for upside target of Rs 95-98. Once this stock breaks above Rs 98, it can go up to Rs 105.

Buy REC Ltd: The stock staged a good move from lower levels and some more steam is still left in this stock. Investors can buy REC for target of Rs 200 with stop loss at Rs 181.

Buy Power Finance Corporation: The stock looks good on charts as it broke above its consolidation range of Rs 160-185. Investors can buy this stock for target of Rs 200 with stop loss at Rs 178.

Buy Hindalco: The stock can see correction in near term as it is looking overbought on charts. The stock can come down to Rs 118-115. However, correction will be a good opportunity to buy Hindalco as the stock is likely to go up to Rs 140 in next one month.

Buy Aurobindo Pharma: The stock has given up move of Rs 70-80 from levels of Rs 697. Investors can buy this stock with stop loss at Rs 745 for immediate target of Rs 800-810.
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