Stocks To Watch | MPC Decision Fails To Boost Market Sentiments
#StocksToWatch | #PrabhudasLilladher's Vaishali Parekh shares insight on key market levels and highlights top stocks to keep an eye out for. #BQLive
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00:00 Hello and welcome to BQ Promo. Very good afternoon to all the viewers. I'm Hiral Dhadia. Clearly,
00:05 if you go to see in terms of markets, they have been under check and the banks have taken
00:09 back 50 lower as well post the RBI policy. We are not all traders are seeing a big negative.
00:16 There is a knee jerk reaction that's coming in as well. But it seems that the bulls have
00:21 their hopes absolutely up and about. Joining us on the show to discuss more is Vaishali
00:27 Parikh to understand what's in store from here on. Vaishali, good afternoon and welcome
00:33 to the show. Firstly, weekly expiry in focus. Bank Nifty was in the limelight on the back
00:40 of the RBI policy and you're seeing the pressure that's building in. What are the key levels
00:45 you're watching out for in terms of Nifty as well as Bank Nifty? Very good afternoon
00:50 and thanks for having me on the show. So yes, the market has been a bit too volatile since
00:56 a couple of sessions. And today post the RBI, we saw some exertion setting in the Bank Nifty
01:01 counter. So currently, we are at a juncture whereby it's a make or break. So, 44,500 on
01:06 spot basis also is a crucial support. So, time and again, we are witnessing that Bank
01:11 Nifty is attempting to hold on to these levels. But a decisive break below 44,500 or let's
01:18 say, let's have a buffer of 200 more points or 44,300 would set in further weakness and
01:23 we would see some selling pressure coming in all the banking stocks. So, that would
01:28 be my view for Bank Nifty. Right. One stock that I want to discuss with you is Zee Entertainment.
01:35 A spectacular movement as we know it's on the NCLT approval for the Zee Sony merger.
01:40 But how has the open interest built up, piled up so far because we are seeing a 7 to 8%
01:47 increase in today's session. But what's the trend indicating from here on? So, well, it
01:53 was very well expected and all are very happy because after a very long time, we've seen
01:58 this run up. So, technically 280, 290, it looks as a strong resistance. So, once we
02:04 see a follow up, because of course, today on basis of this news, everyone was laying
02:08 their bet on this. So, if we sustain about 290 levels, we would be looking at 320 and
02:14 so on. So, I would say that would be the view for Zee. But of course, the sentiments have
02:20 really improved and let's wait and watch from Europe because today's one of the days and
02:24 now let's see the follow up buying if it happens tomorrow, then the sentiment really changes
02:30 for this stock. So, well, Shalini, what will be a good level to enter Zee Entertainment?
02:34 What are charts indicating according to you? So, well, 245 would be an ideal level. That's
02:40 where today the rally began from. So, that would be a good appropriate level. But well,
02:47 I would say accumulate from 255 to 240. Right. Moving on, another stock that saw some good
02:54 moves is Manapuram Finance, where you're seeing fresh long positions that have been built
02:59 in today's session. What's your view? So, Manapuram did give a breakout a couple of
03:05 days back above 140 levels and it's holding on very well. The indicators are also still
03:11 showing an upward scope. So, I would say that now we would have a support of say around
03:16 137, 138 and gradually the stock should progress towards 150, 160 in time to come. Right. How
03:25 are you looking at a Berger Pains in trade? Some fresh shorts that are being built. Sorry,
03:30 short covering is what we're seeing in fact in today's session on a Berger Pains. What
03:34 should the strategy be? Well, there is no clear direction for now. So, it would be a
03:41 sell because we have started seeing a selling pressure coming in Asian Pains and now it's
03:45 crude rising. Let's see how this stock has to do. It would be a sell below 690. And if
03:51 it moves past above 720, then I would say that it's ready for a further takeoff. So,
03:56 right now, there is no view as such. It is just consolidating. Let's wait and watch.
04:02 Right. How about a Max Financial as well as a Trent because longs are being built on both
04:08 these names as well in today's session. So, Max Financial, yes, we still see a lot of
04:15 upside. The stock has just got into a new round of momentum. Currently, today we saw
04:20 it making a high towards 875. That was the resistance. So, now let's wait and watch.
04:25 Once it moves past 875, it would be ready for a target of 900 to 920 levels. Whereas,
04:33 talking about Trent, it is no doubt positive. From yesterday, we saw that it was showing
04:38 a robust up move. So, those who have taken at lower levels should continue holding for
04:43 a target of 1950. Right. Moving on, how are you looking at Mahanagar
04:51 Gas as well as a Gujarat Gas? Both these stocks have seen selling pressure in today's session.
04:55 Gujarat Gas is the stock that I am covering and I think it is good for a technical, I
05:04 mean, positional up move. So, accumulate from these levels.
05:08 So, I think we can take a hold of that. Right. Accumulate in terms of these two names.
05:15 Moving on, Granules India has also seen selling pressure. How would you look at it?
05:20 So, overall, if we see, the pharma sector is showing some signs of profit booking. So,
05:26 the trend is not damaged. Granules have given a good run up and right now it is at crucial
05:32 support. We would say that this stock is going to weaken only if we see a close below 300
05:37 and that would trigger further selling coming towards 280 levels. So, for now, it is at
05:41 a support level. But let's see now how it goes from here on.
05:45 Right. Talking about few of the large cap names, Adani Enterprises as well as Adani
05:50 Ports. Both of these counters have started to see some strong moves over the last couple
05:55 of trading sessions. Are you seeing strength and if yes, good levels to accumulate?
06:00 So, I would say yes, it is high time because more than Adani Enterprise, there is a conviction
06:05 by Adani Port. Because we have seen a breakout coming in about 770-780 levels and it is currently
06:12 at around 800. So, I think gradually start accumulating this stock because it is a volatile
06:18 and a choppy move that we witness in Adani Port and Adani Enterprise. So, Adani Port,
06:24 I would say 745-750 should be now acting as a good support level and we would be looking
06:30 forward to a target of around 900 and so on. And as far as Adani Enterprise, still into
06:35 consolidation, I would say 2450 is a crucial support and a trading strategy can be made
06:41 accordingly for a target of 2750.
06:44 Right. Dixon Technologies is seeing some loans which are being unwound in trade. What should
06:51 the strategy be according to you?
06:53 So, Dixon, we have seen a good run-up coming in and I would say, well, it's a strong upward
07:00 trend but not a good buying zone right now. Wait for it to show some profit booking, ideal
07:06 level would be at around 4400 and so on.
07:09 How about the Birla Soft?
07:11 Well, Birla Soft also we have seen a good run-up. So, a little bit of consolidation,
07:17 a little bit of profit booking cannot be ruled out. On a broad base, I would say start accumulating.
07:23 You know, the support level is pretty low. So, I would say the support comes at around
07:28 380-400 levels. So, and currently it is 445. So, wait for some corrective move coming in
07:35 because long-term chartical presentation, we see that the projection comes to around
07:41 500-520. So, yes, it's a positive but a buying decline.
07:46 Right. Very lastly, Shalini, any other recommendations apart from the names that we have already
07:55 discussed?
07:56 Well, so I am looking at IndusInd Bank. So, in all the banking stocks, IndusInd is showing
08:01 a lot of conviction. So, I would say 1410 should be acting as a stop-loss. And trading
08:08 strategy, I would look at a target of around 1448 to 1480 for now. So, IndusInd is a buy
08:15 right now. And second stock, which would be a sell? Well, it is a calculated risk that
08:22 I would be talking about. Portafank is a sell with a stop-loss of 1840. And we are seeing
08:26 a poor closing right now. I mean, it is below 1800 currently. So, I would say it can go
08:32 to 1740-1730. So, Kotak is a sell.
08:38 Right. A sell on Kotak coming in there. Thank you, Vaishali, so much for joining us on the
08:43 show and sharing those details. So, clearly, these are the strategies that one should be
08:47 watching out for. But clearly, it is the end of the day, which has seen a rise of almost
08:55 around 20% that has come in there. And that will be a wrap from our side. Thanks for watching.
09:01 And lots more lined up on the other side. Please stay tuned to BQPrime.
09:03 Thanks, everyone.
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