The latest analysis and commentary by stock market guru Rahul Shah of Motilal Oswal on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about State Bank of India, L&T, and ITC.
Recommending stock specific ideas, Shah said, “Corporate banks as a sector has done quite well. So ICICI Bank, Axis Bank, both have run up from the near term lows. I feel the third bank which can move out is State Bank of India (SBI). Stock has given good long built up as well as technical breakout. So I would go long on SBI with a stop loss of Rs 285 and target of Rs 305. Second idea is L&T. We have seen L&T taking a support at around Rs 1,350 and again bouncing back smartly. So, my sense is stock can go to a new territory and it can go to Rs 1,465-1,475 levels. So, stop loss near term could be Rs 1,390 here and one can go long. Third being from the FMCG pack, we have seen the entire FMCG pack doing quite well in last few sessions. So, I feel ITC has been laggard and stock has got a good support at Rs 274 levels. So, near term, ITC can blast from here to Rs 285-286 levels with a small stop loss of Rs 275.”
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