Tips on Stocks Ashish Kyal Zee Business Waves Strategy Advisors 2nd July 2013. For more information visit www.wavesstrategy.com
The above is a small part of the video of Ashish Kyal, Director of Waves Strategy Advisors picked up from the Zee Business TV show – Markets @ 10
Please note the below has been aired in morning between 10.00 and 10.30 am on 2nd July 2013.
1. What is your view about Nifty. We have seen strong pullback so is it right time to book profits or go short at current levels?
A. Nifty had a false break below 5600 levels in last week but prices bounced back and managed to show strong rally after expiry. Looking at strong trend on upside over past 3 days we think there is more steam left on upside and so one can wait for 5950 levels for some profit booking. Shorts should be avoided at current levels.
2. Any midcap stock that you would suggest in current market?
A. We have seen sharp selloff in Midcap and Smallcap sectors during recent selloff. So we can expect good pullback on upside from midcap banking space in stocks like IDBI. The stock has shown good move on upside from 67 to current levels and we can expect 85 levels on upside. SoIDBI can be entered at current levels with 67 / 69 as good support and upside move towards 85 levels.
3. What will be your stock picks in this market?
A. We have seen strong pullback in high beta stocks. ADAG pack has shown very good performance with stocks up by more than 7% in single day. This is good indication for trend over short term. Reliance Capital is one stock which we recommend to buy on dips near 350 levels with 310 as important support on downside for an upside move of around 400 levels.
Next stock that we recommend will be Axis Bank. This stock has shown good higher high and higher low formation and has been outperforming within banking space over past few days. 1300 on downside will be an important support and we can see levels of 1400 – 1450 on this stock on upside.
4. What is your view on Cromptom Greaves & Opto Circuit?
A. Cromptom Greaves has shown good bounce back from 70 levels to current 92 levels. The momentum looks good on upside and 85 will act as good support on downside. As long as this level is intact we can see around 100 to 105 levels on upside.
Opto Circuit belongs to high beta sector and we have seen good momentum in Smallcap andMidcap space yesterday. This stock has bounced back from near 18 levels to 23 and there is enough room on upside. Previously we have seen a fall from 52 to 18 levels in short duration and so we can expect atleast a retracement towards 30 levels on upside.
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