Bullish on PowerGrid, SBI, JSW may move up to 1220: Vinith Jain, Siddh Capital
ET Now spoke to Vinith Jain, Director, Siddh Capital, on his views on a range of stocks from Power Grid, REC, State Bank, JSW Steel, PFC to ONGC.
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| ET Now spoke to Vinith Jain, Director, Siddh Capital, on his views on a range of stocks from Power Grid, REC, State Bank, JSW Steel, PFC to ONGC.
On the charts Power Grid, do you like it?
The stock has been very sluggish and moving slightly downwards since it made its peak in January. The stock yet is very close to its key support of 95 then and one can in fact play a long bet here or may be for a small up move up to 114 here, the stock looks okay for now not much action coming in, in spite of all the news.
What is your reading on the banking stocks?
The banks and the financial institution stocks have been outperforming the market for quite some time, in fact they have been leading this rally on the upside. REC for the fact has been range for last one month between 290 to 305 and it showing some signs for another up move. The up move is likely when it crosses 309 and it could head up to 335 so REC will be a buy here even at current levels. So one would keep a stop loss of below 290 and go ahead with the long trade here whereas on State Bank the stock has moved up quite a lot since its previous peak at 2250, so I would prefer wait for a pullback up to 2390-2400 to get into fresh longs and can expect 2550 there.
JSW Steel and PFC both these stocks on the charts?
JSW is in fact doing pretty good and the stock has a potential to move up to 1220 there. I will still call this a pullback rally. The metals have been weak a lot and JSW was one outperformer amongst the metals and the stock could do up to 1220 whereas on PFC my reading is that the formation of top is happening at 330-335 levels until we close above that. I would be cautious on the stock.
ONGC, do you like this one at 1250-1260 can it go up further?
I was bullish on ONGC for quite sometime and I believe now that the stock has completed subjective of its five way up move so I would expect a good correction here and correction could even last up to 1140 to 1160 range. So remain a sell here in the stock, in fact stop loss of 1300 or 1315 will be preferable and I would expect the range of 1140 to 1160.
On the charts Power Grid, do you like it?
The stock has been very sluggish and moving slightly downwards since it made its peak in January. The stock yet is very close to its key support of 95 then and one can in fact play a long bet here or may be for a small up move up to 114 here, the stock looks okay for now not much action coming in, in spite of all the news.
What is your reading on the banking stocks?
The banks and the financial institution stocks have been outperforming the market for quite some time, in fact they have been leading this rally on the upside. REC for the fact has been range for last one month between 290 to 305 and it showing some signs for another up move. The up move is likely when it crosses 309 and it could head up to 335 so REC will be a buy here even at current levels. So one would keep a stop loss of below 290 and go ahead with the long trade here whereas on State Bank the stock has moved up quite a lot since its previous peak at 2250, so I would prefer wait for a pullback up to 2390-2400 to get into fresh longs and can expect 2550 there.
JSW Steel and PFC both these stocks on the charts?
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JSW is in fact doing pretty good and the stock has a potential to move up to 1220 there. I will still call this a pullback rally. The metals have been weak a lot and JSW was one outperformer amongst the metals and the stock could do up to 1220 whereas on PFC my reading is that the formation of top is happening at 330-335 levels until we close above that. I would be cautious on the stock.
ONGC, do you like this one at 1250-1260 can it go up further?
I was bullish on ONGC for quite sometime and I believe now that the stock has completed subjective of its five way up move so I would expect a good correction here and correction could even last up to 1140 to 1160 range. So remain a sell here in the stock, in fact stop loss of 1300 or 1315 will be preferable and I would expect the range of 1140 to 1160.
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