The latest analysis and commentary by stock market guru Prakash Gaba of prakashgaba.com on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about Dr Reddys Laboratories (DRL), Reliance Industries Ltd (RIL), UltraTech Cement, ITC, Larsen and Toubro (L&T), Hindustan Unilever, Yes Bank, IDFC First Bank, Bharti Airtel.
Stock specific, Gaba said, "I like two stocks. IDFC First Bank looks good to me. Target on the upside is Rs 55, stop below Rs 52 should be okay. I like Bharti Airtel. I like the base formation in Bharti Airtel from a higher timeframe basis. Good safer bet here; on the upside the target is Rs 333, stop below Rs 322."
"I have two stocks. I will go with Hindustan Unilever (HUL). That certainly looks good to me. Technical targets on the upside is Rs 1,775, stop below Rs 1,746 should be okay. Yes Bank I am seeing a lot of buying going out here. Possible target on the upside Rs 260, stop below Rs 240," he added.
“DRL certainly is looking good. I think the way it is trading, it looks like it is heading to levels closer to Rs 2,940, stop I would have below Rs 2,850 and trade long. We can see even higher levels in DRL. The structure is looking good for a few days. I also happen to like RIL. It is trading again closer to all-time high. I think it can climb to levels closer to Rs 1,420, that is for today perhaps and maybe higher levels in the days to come, stop below Rs 1,387 should be fine,” he said.
“ITC certainly looks good to me. It can climb to levels closer to around Rs 315-320 zones, may take some time, stop below Rs 305 on ITC should be fine. Second is L&T – it looks good, correction got over, upmove has just started here, target on the upside is in the vicinity of more than Rs 1,400, stop below Rs 1,360,” he added.
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