The latest analysis and commentary by stock market guru Sudarshan Sukhani on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about Britannia, Bank of Baroda, Eicher Motors, Hindustan Petroleum Corporation Ltd (HPCL) and Lupin.
“Individual stocks are also mainly for buying. Aurobindo Pharma, where a small correction is over and the resumption of the uptrend seems likely. Hero Motocorp, very attractive trading range has already broken on the upside so this is a continuation buy. The stock should slowly and steadily continue it’s up move. Voltas where a similar correction has already come to an end, we are in an uptrend so we are simply buying a minor dip in an uptrend. Good quality stocks are available for buying and we should be only on the long side.”
“The first buying idea is Britannia. A perfect bullish head and shoulder pattern has broken on Friday. So this is a positional trade. Buy the stock, hold on to it, it is an outperformer and it will give you much better rewards. Don’t try to day trade this one. The second buying idea is BoB. I never thought I will see the day when a public sector undertaking (PSU) bank comes in my buy list. Surprisingly two of them came up, BoB and Canara Bank. BoB had a slightly easier chart to trade in. It has been in a sharp dip, it is already on the verge of breaking on the upside. This is a short-term trade, don’t carry it for long for a couple of days, three-four days, whatever the trade gives you. It is not in the same league as Britannia but it is there, it worth buying into,” he said.
“A double bottom in Eicher Motors, a breakout on Friday, another positional trade. So while midcaps are doing badly, some of the bluechips are doing well and giving us bullish signs. So Eicher Motors is a buy. Irrespective of how crude behaves and it is not going to go up, crude will simply become choppy. Bharat Petroleum Corporation Ltd (BPCL) and HPCL are both giving signs that they are willing to go higher. Also Lupin – pharma’s correction itself is coming to an end,” he added.
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