Stocks to buy, avoid in present market scenario
Everything seems to be a long-term buy. Between Rs 1,500 and Rs 1,600 levals, L&T also tends to find support. A pullback rally could probably take it up to levels of about Rs 1,750.
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Pullback rally can take L&T to Rs 1,750: Ashwani Gujral
Everything seems to be a long-term buy. Between Rs 1,500 and Rs 1,600 levels, L&T also tends to find support. A pullback rally could probably take it up to levels of about Rs 1,750.
M&M is the strongest auto stock but tends to find support around levels of Rs 650. So, all of these stocks are into some pullback but unless the market goes through 5620, these pullbacks may end prematurely. May be some value buying is happening at lower levels but that is about it. There is no momentum in any of these stocks.
ONGC can cross Rs 1,230: Ashwani Gujral
Metal stocks showing strength: Deepak Mohoni
Metal stocks look fairly good at the moment. If some sort of an uptrend, either an intermediate or even a short-term rally, was to develop, signs are that these would be the stocks that would lead it. There may be a little bit of participation from a couple of banks but metal is the only sector that is showing some strength over the last four or five days.
Avoid shipping stocks: Deepak Mohoni
Shipping stocks are coming down with the market. They were actually falling even before the market. So, there is no sign of strength in them at all. Stocks like Mercator and Shipping Corp are highly volatile. They can come down more rapidly than the index and are, in fact, doing so. I would not go for shipping stocks at all at this stage.
ITC can go further down to Rs 120: Sudarshan Sukhani
ITC is now beginning its downtrend and I suspect it is going to go further down, may be around Rs 120, which is at Rs 162 now. So, I would not touch ITC.
Pullback rally can take L&T to Rs 1,750: Ashwani Gujral
Everything seems to be a long-term buy. Between Rs 1,500 and Rs 1,600 levels, L&T also tends to find support. A pullback rally could probably take it up to levels of about Rs 1,750.
M&M is the strongest auto stock but tends to find support around levels of Rs 650. So, all of these stocks are into some pullback but unless the market goes through 5620, these pullbacks may end prematurely. May be some value buying is happening at lower levels but that is about it. There is no momentum in any of these stocks.
ONGC can cross Rs 1,230: Ashwani Gujral
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ONGC is outperforming probably because crude oil is going up, but it is not my job to say why. Rs 1,100 is a decent support for ONGC and probably we could see rallies back towards about Rs 1,230 on ONGC. May be some money is moving out of Reliance and into ONGC. Once we cross Rs 1230, we could see another Rs 50-60 but Rs 1,230 will be a strong resistance if somebody entered yesterday, Rs 1,230 would be a level he would look to exit. Metal stocks showing strength: Deepak Mohoni
Metal stocks look fairly good at the moment. If some sort of an uptrend, either an intermediate or even a short-term rally, was to develop, signs are that these would be the stocks that would lead it. There may be a little bit of participation from a couple of banks but metal is the only sector that is showing some strength over the last four or five days.
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AvoidAvoid shipping stocks: Deepak Mohoni
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Shipping stocks are coming down with the market. They were actually falling even before the market. So, there is no sign of strength in them at all. Stocks like Mercator and Shipping Corp are highly volatile. They can come down more rapidly than the index and are, in fact, doing so. I would not go for shipping stocks at all at this stage.
ITC can go further down to Rs 120: Sudarshan Sukhani
ITC is now beginning its downtrend and I suspect it is going to go further down, may be around Rs 120, which is at Rs 162 now. So, I would not touch ITC.
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