Target of 192 for Varun Industries: Rohit Shinde

ET Now spoke to Rohit Shinde, Asst. VP, Technical Research, CD Equisearch Pvt Ltd, on his views on the market.

ET Now: How do you view Varun Industries and Kohinoor Foods?

Rohit Shinde: They are both looking little bit different. Varun is looking much stronger. Varun closed at 178 levels yesterday with very good volumes- around 10 lakh shares on the NSE itself.

What I can see on the daily charts is that it has broken out of this flag pattern and it was consolidating in this pattern from 163 to 170 levels. So yesterday it broke out with a very strong volume and it is an excellent buy even at these levels and we can expect easily a target of approximately 192 levels.

You can keep a trading stop loss for today about 172 levels. Kohinoor Foods closed at around 57 levels yestrday, so what I can see is that it is still not in the overbought zone, it is at 68 levels. So going ahead, I can get a move approximately to 63 levels for this stock but I would not advise a fresh buy in Kohinoor Foods but those who have bought it, maybe they can hold it on for the 63 levels to come maybe today or by Monday.