Buy IOC for target of Rs 438: Sandeep Wagle

In a chat with ET Now, Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, shares his views on the outlook of IOC and Ruchi Soya.

You like IOC and Ruchi Soya. What are the reasons that you would be tracking these stocks?

IOC is a stock which has been following HPCL and BPCL, and we like HPCL followed by BPCL. They have really moved up. IOC also has moved up but this is basically a trading play we are looking at. We are looking at a price target of around Rs 438, say around 4% to 5% upside. So basically this is a follower. Already they have moved, this will move.

I am liking Ruchi Soya on the weekly charts and we have a buy in the region of Rs 133-130 and we are looking at a target of around Rs 152, that could be around 15% to 18% upside from current levels. The weekly pattern is positive and great volumes have been witnessed in the last week with the price closing on the higher side. I would take a little longer term view 2 to 3 to 4 week and possibly even play for 15% and 18% to possibly 20% in Ruchi Soya.