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 RBL Bank, ICICI Prudential, Ultratech Cement.
Recommending stock specific ideas, Bissa said, “First recommendation today would be a buy call on RBL Bank. We have seen the stock correcting from levels of Rs 600, it is now trading near the support area of Rs 555-560. Minor amount of long positions are seen getting built in the name, it is also showing a bullish harmonic pattern as far as technical are concerned. One can keep a stop loss of Rs 555, on the upside the target for this would be around Rs 580.”
“Second recommendation would be buy call on ICICI Prudential futures. It has also corrected from levels of Rs 330. It is finding some amount of support at levels of Rs 290-300. Around 4 percent positions are seen getting built in the name, breakout on hourly chart. One can keep a stop loss of Rs 300 and the target for this would be Rs 315, “he added.
Bissa recommended selling Ultratech Cement futures. He said, “Though it has bounced back yesterday, it gave a strong breakdown on bearish flag pattern on daily chart. Yesterday also we saw decent amount of open interest getting added. Today also so far 2-2.5 percent short position has seen getting built. There is a possibility it may slip towards levels of Rs 3,660, one can keep a stop loss of Rs 3,520 and sell Ultratech Cement.”Disclaimer:
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