Motilal Oswal
    NIFTY 50
Motilal Oswal

Amit Gupta on February 13: Buy Asian Paints, & Wipro

Updated : February 13, 2019 09:24 AM IST

The latest analysis and commentary by stock market guru Amit Gupta of ICICI Direct on what is moving the markets today. Check out his top stock recommendations.

He spoke at length about Asian Paints, and Wipro.

Speaking about individual stocks, Gupta said, “From the Nifty pack we have Asian Paints. If you look at the setup in the stock in the last two or three series, it is really looking quite encouraging. If you see in comparison to the last series, the open interest has come down by almost 18 percent which means the shorts are getting covered above Rs 1,400 levels. It declined towards Rs 1,400 but if you see the move from Rs 1,400 to Rs 1,450, it was really sharp on the back of this closure. This is one of the beneficiary of the lower crude oil prices. So my sense is that kind of positional short positions which were there in the stock, eventually they are cutting down. It is very much possible that it can take out the one year resistance of Rs 1,450 convincingly now. It can move towards Rs 1,540-1,550. If you look at July 2018, it had hit this level of Rs 1,450 and since then it has not been able to take it out. So my sense is this time looking at this short term pattern of short covering, it can take out this and eventually another Rs 100 is there on the cards on the higher side.”

“Wipro if you look at the other technology stocks right now, in that comparison it is looking much resilient. Yesterday also we saw the closing near Rs 375. So my sense is, another Rs 20, that means towards Rs 394-395 it is going to hit. In this particular series also it is possible because if you see the open interest which is around 30-31 million shares, it is still 10 percent lower when the stock was there last time at Rs 330. So my sense is despite the long positions being added up, the open interest is still not very much alarming, the leverage is still low. So there is room for further additions of long positions in the stock which can take it much higher from these levels. So my sense is, even at these levels one can be a buyer in the stock. So overall from the IT pack this remains one of the top pick for us for this particular series,” he added.

Disclaimer: The views and investment tips expressed by investment experts on are their own and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.
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