Watch the interview of Ashish Kyal of wavesstrategy.com with Reema Tendulkar & Mangalam Maloo on CNBC-TV18, in which he shared his readings and outlook on the market, specific stocks and sectors by applying Elliott wave technical studies.
Below is the verbatim transcript of Ashish Kyal's interview with CNBC-TV18.
"Within this strong downtrend we are trying to pick up midcap stocks that are outperforming. It is not an easy task but Mindtree and Dishman Pharma are stocks which are trying to hit the highs above the previous pivot high when index has been making lower highs. So this looks like to an outperformer and that is why we are recommending buy on that."
"However, on Mindtree, if you look at the overall buying that is seen today, it has been in the IT space and this looks like to be in a good sector as of now which is outperforming. So Mindtree should be a buy with a stop loss of Rs 1,360, a strict stop loss has to be maintained at Rs 1,360 and we can see target around Rs 1,450 which is the previous pivot level," he said.
"I also have a buy on Dishman Pharma. The stock is attempting to breach above its previous pivot high and has been making higher lows which is moving independent to the index, so the overall trend is positive. The stock can be bought with a stop loss of Rs 215 and the target of Rs 252 can be expected on the stock."
LIC Housing Finance
"The sell recommendation is on LIC Housing Finance . The stock has been moving sharply lower. It looks like to be in the fifth wave right now. The trend started around Rs 525 level, so the fifth wave can breach the previous low of Rs 410 and then we can expect around Rs 402. So the target for LIC Housing finance is going to be around Rs 402 and the stop loss has to be maintained around Rs 440."
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