Ashwani Gujral of ashwanigujral.com told CNBC-TV18, “Tata Steel and metals in general anyway are in a very strong uptrend. So it won’t surprise that on good news it moves up further, particularly given that overall global markets are kind of flat to positive. So, my sense is slowly but surely it is heading towards Rs 700. Sometimes buying on good news is not the best place to buy, but what I am trying to say is that the trend remains higher. It has been narrow range for a bit, four-five days, so maybe this gives it a reason to expand.”
“As far as individual stocks are concerned, Future Lifestyle, yesterday’s move took out the entire red bar of Friday. So that often is a very positive pattern. This is a buy with a stop loss of Rs 390 and target of Rs 420. Container Corporation of India (CONCOR) is a buy with a stop loss of Rs 1,390 and target of Rs 1,450.”
“For Sun TV, the bad news of the Maran brothers, etc. did not really impact it. So, this is a dip to buy into it. So that is a buy with a stop loss of Rs 820 and target of Rs 845. Delta Corp is a buy with a stop loss of Rs 192 and target of Rs 206,” he said.
“Yesterday the broker dealers did very well. So IIFL Holdings after a long sideways consolidation is now moving up fairly strongly. So, along with Edelweiss, Motilal Oswal, I think these should do well. IIFL is a buy with a stop loss of Rs 670 and target of Rs 705,” he added.
“Nothing much comes out of these power rallies. So, other than an odd PTC or a Power Grid, I don’t think any of the other seem like chasing. In PTC India we could see maybe at some point Rs 140-145. Similarly, in Power Grid, post a consolidation we could see maybe Rs 235-240. However other than that, I don’t think these sporadic power rallies really call for a lot of attention.”
“Broker dealers, some of the construction companies like Hindustan Construction, etc. could be the flavours of the day. JM Financial has opened up 5 percent, so definitely there could be follow through out there. Tata Steel is expanding on the upside, so, early morning breakout trade could happen on Tata Steel. So, broadly broker dealers and metals are doing well.”