The latest analysis and commentary by stock market guru Prakash Gaba on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about Mahanagar Gas Ltd (MGL), Yes Bank, Vedanta, Zee Entertainment, Asian Paints, Bharti Airtel.
Stock specific, Gaba said, “I like Asian Paints. Looks like it can see a climb up to around Rs 1,465 zones, stop below Rs 1,420. I also like Bharti Airtel. Looks like a good base formation up move did happen here, and then we saw a pause. I think it is resuming its up move. Target on the upside Rs 352 and stop below Rs 334.”
“I like Yes Bank because it looks like it has bottomed out on a higher timeframe basis so upside is on. I have Yes Bank, I think it is going up to levels closer to Rs 255 zones, stop below Rs 238. The last one hour of trading gave a very good upmove in Yes Bank. I think it should continue up. I also like MGL. That looks good, what a move it has seen. I like the one-hour pattern that we saw last hour yesterday. I think target on the upside is Rs 948-950 zones, stop below Rs 915 on MGL should be fine. Two shorting ideas – Vedanta looks a bit tired in the upper region, more of a sluggishness pattern more of an exhaustion pattern, we could see a slide to Rs 166, stop above Rs 174 should be okay. Another shorting idea is Zee Entertainment. Here again, it is more of an exhaustion pattern, it has run up too much from Rs 300 to Rs 500 zones. This is a time I think it should be sluggish, possibly we could see slide to around Rs 430 zones or even lower, stop above Rs 454,” he said.
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