Buy Walchandnagar Industries; stoploss at Rs 235: Shardul Kulkarni

ET Now talks to Shardul Kulkarni, Sr Technical Analyst, Angel Broking on Walchandnagar Industries stock.

One or two of your stock ideas Walchandnagar Industries you are putting a buy on that one and Indian Hotels?

In the Walchandnagar Industries specifically the breakout has come at 245-246 levels so now the ideal time is to go long in this particular counter. One can place a stop loss at 235-236 levels. The stock is in a decent uptrend on the monthly charts the volumes are quite strong the breakout has already taken place at 220 and further on you should see the stock going to around 260-275 levels so 275 will be the target in Walchandnagar Industries stop loss is at 235.

Balaji, do you think its broken out already or not enough data to say its broken out the high I see is no more than 75 76?

I feel about at 10 lakh shares has been traded on today's trade. It might say that you should wait for a confirmation the reason is if something like midday happens that the stock is up 10% in the morning and just falls 10% in the afternoon so I feel that you can take a call probably ones the stock crosses the high of 72-73 and then move into this particular counter from a weekly perspective not from a daily perspective.