The latest analysis and commentary by stock market guru Gaurav Bissa of LKP Securities on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about Hexaware, MCX, and TVS Motors.
Recommending stock specific ideas, Bissa said, “First recommendation is buy Hexaware. The stock has been consolidating, it has now given a small breakout on daily charts. 4 percent open interest addition has been seen, a breakout coupled with long positions getting added is a very positive sign. One needs to keep a stop loss of Rs 330 and play for targets of Rs 350. Second would be buy on MCX. This is another name which has been trading in a range of Rs 695-730. It has now come out of its range. Additional amount of addition has been seen in option, about 4 percent open interest addition has been seen on the futures segment. One can buy for target close to 755-760 and keep a stop loss of Rs 722. Final recommendation would be sell on TVS Motors futures. Rs 580 has a very strong concentration on the Call side. The total concentration is double than what we are observing on the other strikes, the entire option chain, 200 DMA is also placed on those levels. So on that premise, one can keep a stop loss of Rs 585 and sell TVS Motors futures for target price of Rs 560.”
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