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 ACC, and Colgate.
Speaking about individual stocks, Gupta said, “From the cement pack we are recommending ACC and from FMCG it is Colgate. ACC is coming out of the last three months consolidation, the open interest (OI) in the stock is at the life lows which means the short covering has already happened and now the fresh long positions have started building up. So our sense is the stock is moving towards Rs 1,580 levels. So another 100 points of upside is very much possible from here.”
“Colgate, if you see the open interest in yesterday’s session, it was 12 percent addition. So after giving a breakout above Rs 1,300 levels such additions are coming up in the stock. So that means it should find some momentum very soon and that is where I think as the Hindustan Unilever (HUL) results are also lined up, eventually I think the FMCG stocks may start building up on that and that is where I think the target of Rs 1,390 is very much likely in Colgate now,” he added.Disclaimer:
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