Profit

Buy Tata Motors, Adani Ports; Avoid OMCs: Pradip Hotchandani

 Share
EMAIL
PRINT
COMMENTS
Buy Tata Motors, Adani Ports; Avoid OMCs: Pradip Hotchandani

Investors can look at booking profits in the Nifty's crucial resistance area of 7,700-7,900.


Pradip Hotchandani, head of research at Prudent Broking Services, says the Nifty has bounced back after briefly dipping below support at 7,600. Going forward, levels around 7,700-7,900 can act as stiff resistance which may be taken out after a consolidation phase of 10-12 trading sessions. (Watch)

STOCK TALK

Buy Tata Motors: Dips in Tata Motors may be used as a buying opportunity as the worst appears to be over for the stock. A crucial resistance level to watch out for will be Rs 430.

Buy TVS Motor Company: This is a preferred pick among the auto pack. The stock has moved above its resistance of Rs 285-290 and once it moves above Rs 322, investors can look at another 10-15 per cent upside in TVS Motor.

Buy JSW Steel: JSW Steel looks attractive and it is on track to up to Rs 1,370.

Buy Tata Steel: The stock looks poised to go towards levels of Rs 350. Tata Steel may move further up once this level is taken out.

Buy Adani Ports: Adani group stocks look positive from a short-term perspective. Adani Ports appears to be in a buy mode and the current upmove can extend to Rs 270.

Buy Adani Power: The stock is expected to continue its uptrend towards and it can go up to Rs 35. Investors can expect higher levels once the Rs 35 level is taken out.

Avoid oil marketing companies: Global crude oil has made a firm bottom around the level of $26/barrel. Once it takes out $41/barrel, it may move further up to $55-$60 levels over the next 1 year or so. The current run-up in oil marketing companies (OMCs) can continue in case they are able to pass on the hike in global prices. From a technical perspective, stocks such as Cairn India are preferred over OMCs.

Buy Cairn India: The stock has shown "remarkable strength". Once Cairn takes out resistance around Rs 172, it can go up to a next major target of Rs 200.


Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top