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 Ashok Leyland, Godrej Industries, JSW Steel, Mahanagar Gas, Tata Power, Axis Bank, Nestle, Tata Communications, Eicher Motors, Tata Consultancy Services, and Punjab National Bank.
Recommending specific stocks ideas, Sukhani said, "I have 3 stocks, 2 of them are buy ideas. One is Eicher Motors. The minor dip today in Eicher Motors is an opportunity to go long. Similarly, Tata Consultancy Services (TCS). TCS is now running flat for the day and this flat position essentially no gains no loss position is actually a minor dip for TCS. Here also we want to buy it. The third is Punjab National Bank (PNB) which is a short sell for the day. I am not very enamored of PSU banks anyway and PNB is now become one of the weakest of the lot."
Speaking about the individual stock ideas, Sukhani said, “Ashok Leyland is a buying opportunity, that sharp dip, a small base building exercise, consolidation. It may go up slowly if the Nifty decides to go down, but it should go up. Similarly Godrej Industries, same pattern, big up move, very sharp correction, now a sideways pattern which is breaking on the upside. Godrej Industries is also buy. The third again is JSW Steel is a buy with almost a similar pattern, big correction, a sideways move and willing to go higher as it breaks out. Fourth buy is Mahanagar Gas. It had almost gone into a mini bear market and that is coming to an end. It is a positional trade in the sense if you are looking for an investment idea, then you might consider Mahanagar Gas for a weeks or months and it is for today also. One short sell, Tata Power, the power rally has fizzled out and all power companies should be going down.”
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