Buy Bombay Rayon for target of Rs 226

Devang Visaria, Chief Strategist, Devangvisaria.com talks to ET Now on Sesa Goa, Bombay Rayon and realty stocks.

Have you got any trends beyond Sesa Goa? We cannot find a trend in Sesa Goa anyway but has something developed now?

There was a good up move coming in the month of early March then we have been consolidating. Yesterday, there were very strong volumes on Bombay Rayon. So we like Bombay Rayon from these levels. We are looking at its trading pit which you have recommended today. On a day trading perspective also we could look for target of closer to Rs 226 for Bombay Rayon and play long with a stop of Rs 218 levels.

Do you think real estate is doing a breakout or it is just a bounce back and there is nothing to it?

Real estate has been participating very well. Last month, reality looked like bottoming out. On budget day, we had a lot of buys on real estate stocks but then they consolidated and the move has actually started in this month. So real estate has bottomed out and you could see further upsides on this one. We like Sobha Developers in this pack. The safety measures given a buy on Sobha Developers, you could trade long with a stop of around 294 and look for targets of closer to 307-310 from a one or two day perspective on this one.