HDFC Bank, Welspun, Areva buys for the day: Technical Trends

What is your call on the market and stock specific?

Sudarshan Sukhani: Well we saw a market that opened 50 or may be 60 points lower and then throughout the day has made an attempt to fill the gap. So if the downside pressure was intense then we would have continued lower but that did not happen. The market was resilient enough to say okay I am going to go up and try to see if I can breach those 50-60 points and it has done part of it. Therefore the uptrend that we have seen is intact in spite of the weak international cues that sometimes do not matter, sometimes it gets ignored, trader should be looking to buy on dips. Today’s morning decline that was a dip and even at current levels I think the Nifty is a buy. It is possible the markets may remain in a range for some days that is always possible and normal for the markets but the thrust is on the upside.

My picks for the day includes HDFC Bank for the same reasons the stock charts are excellent. If you want to do only one trade in this market buy HDFC Bank and keep quiet. If the Nifty falls below 5400 then get out because everything is going to go down otherwise stick to it but for a day trader HDFC Bank is the idea. Then, Areva. Areva has gone through a bear market. It is now coming out of it and it is giving decent gains. I think the gains will continue and the third is pharma company Welspun Corp. Welspun Corp went through a big gain and then went through a very deep correction that correction seems to be over so there are strong chances of very decent gains here also. All three are for buys.

If you track any of the housing names?

Sudarshan Sukhani: Yes, Dewan Housing Finance is no longer a buy. It is already in a downtrend so I think we should avoid it. LIC Housing remains one of the top performer in the sector and probably the best buying opportunity when you have bad days or even bad weeks then LIC Housing is worth a look and it is a good trade and it is a good investment.