Time to be more stock-specific in market: Manish Hathiramani

In a chat with ET Now, Manish Hathiramani, Proprietary Trader & Technical Trader, Deen Dayal Investment, shares his market outlook. Excerpts:

ET Now: How should we read into today’s monster rally? Do you think the storm has come and gone or today’s price action was nothing more than just a dead cat bounce?

Manish Hathiramani: I believe that unless we really do not go past the 8050 mark, there is nothing to be very excited about at least on the upside. Having said that, I do take some solace that 7800, which was a very strong technical support for the Nifty, was respected and we have bounced from there. I would like to be more stock specific at this point in time and not very Nifty-centric. My longs would really start trickling in only after 8050 is taken out.

ET Now: According to you, what stands out on the charts from more near term perspective?

Manish Hathiramani: I think there's a buy in Asian Paints, which is headed for a target of 675, keeping a stop loss of 628 and a buy in BHEL for a target of 230 with a stop loss of 195.