Bullish on NBCC, Union Bank; sell Hindustan Zinc: Sandeep Wagle

In an interview with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, shares his trading ideas. Excerpts:

ET Now: The problem with IGL as a trade is that it went up on the day of the PNGRB news, but has been range-bound post the event. Would that mean that any possibility of trade is less on the counter?

Sandeep Wagle: Not really. When the news came out, the stock made a top. That is what normally happens to stocks in such a situation. Now the stock is correcting. At a level of Rs 444, it can probably correct by another Rs 15-20/ per share. But, I would like to use the fall to buy into the counter. I still see some more upside to Rs 480-500. I see those levels being tested again, at the Rs 480 level, which was the high the stock made on the day of the result.
I would use any move towards Rs 430 to buy into it, for a target of Rs 480-490. I do not see the stock breaking below the Rs 410 level. So, the level can safely be a stop loss. We will make a good proper risk to reward as well.

ET Now: I want to draw your attention to the names NBCC and McNally Bharat. Can we have trading opportunities on these counters in the coming week?

Sandeep Wagle: NBCC’s weekly technical pattern is very positive. I would talk of a level of Rs 1,070. The stock can hit the level over the next few trading sessions or possibly in a couple of weeks. Once it goes above the Rs 1070-mark, the next target would be the Rs 1,200 level. I would stay bullish on NBCC.

ET Now: What are you top calls?

Sandeep Wagle: I would recommend buying Union Bank with a stop loss Rs 157.50, for the target of 172. One can sell Hindustan Zinc stock with a stop loss Rs 165, for the target of Rs 156.