The Sensex and Nifty are likely to remain volatile ahead of Brexit vote on June 23. NDTV Profit spoke to Aditya Agarwal, head (technical and derivatives) at Way2Wealth Securities, about his views on stocks.
Buy Tata Motors and Tata Motors DVR: Both stocks are looking good on charts. Fresh longs in Tata Motors should be initiated once it crosses above its resistance level of Rs 485 for target of Rs 530-550. Tata Motors DVR faces resistance around Rs 326-328 and if it breaks that level it can go up to Rs 360-370.
Buy Vedanta: Metal stocks are looking good on charts. Investors can buy Vedanta around Rs 120-118 with stop loss at Rs 109 for target price of Rs 130.
Buy Cipla: The stock can showcase pullback rally. Investors can buy Cipla around Rs 470 with stop loss at Rs 460 for target of Rs 510-515.
Sell UPL: After a long rally, the stock is consolidating in a range of Rs 550-620. If it breaks Rs 550, it can go down to Rs 520. Investors should go short on UPL if it breaks Rs 550 on downside for target of Rs 520.
Buy Motherson Sumi: The stock has staged one-sided rally from levels of Rs 200 and it is facing stiff resistance around Rs 308-310. If it breaks and sustains above Rs 310, it can go up to levels of Rs 340. The stock is looking positive on charts and investors can buy Motherson Sumi above Rs 310 for target of Rs 340-350.
Buy Arvind Ltd: The stock is looking bullish on charts and it can outperform markets. Investors can buy at current market price or on dips around Rs 320 with stop loss at Rs 305 for target of Rs 360-365.
Buy Ashok Leyland: The stock has important support around Rs 95-96 and Ashok Leyland may re-test its previous high of Rs 108-112. Investors can buy this stock with stop loss at Rs 96 for near term target of Rs 108-112.