The latest analysis and commentary by stock market guru Yogesh Mehta, VP-Equity Advisory of Motilal Oswal on what is moving the markets today. Check out his top stock recommendations. He also answered viewer stock queries.
He spoke at length about Jindal Steel and Power, Bata, Sun Pharmaceutical.
Recommending stock specific ideas, Mehta said, “Jindal Steel and Power (JSPL) yesterday post short covering rally, today we have seen open interest built up of 2-3 percent more. That shows some strength and it has surpassed its crucial resistance of Rs 138. So currently it is Rs 143.5 level, keeping Rs 138 as a stop loss one can go long with a target price of Rs 152-155 level. The other one is Bata. Interesting noticeable is open interest is up by 25 percent in the future. Current price is all-time high level, Rs 1,235 to Rs 1,237 levels. Keeping a small stop loss of Rs 1,220 target would be in the new orbit further at Rs 1,280-1,285 level. The short opportunity here is in pharmaceutical sector but almost all the pharmaceuticals are down today. However, Sun Pharmaceutical is quoting at 1.5 percent higher. Currently it is quoting at Rs 444 level, keeping a stop loss of Rs 450 target could be in the range of Rs 422-430 levels.”
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