The markets ended the January series down 6% Thursday, but recovered partially Friday, as it started the February series, ignoring the RBI's credit policy move of a 75 bps cash reserve ratio (CRR) hike. However, for the week, the Sensex and Nifty plunged 3.1% each. All BSE sectoral indices ended in the red.
The BSE Realty Index fell 7%, as DLF and Unitech tumbled 5.3-6.3%. The Auto Index was down 6.3%, as Tata Motors plunged 10.5% and M&M slipped 9%, while The BSE IT Index fell 4.1% as HCL Tech was down 8%, Wipro down 7.5% and Infosys down 4.2%.
Technical Analyst, Ashwani Gujral and SP Tulsian of sptulsian.com discuss various stocks, which were buzzing last week and gave their advice on how to trade them in the coming week.
On Tata Motors:
Gujral told CNBC-TV18, "One can use this dip to buy Tata Motors. Put a stoploss of about Rs 650-660 and probably look at targets of Rs 775 and even Rs 817 because the market may rally into the budget, not make fresh highs but probably rally upto 5100 or so."
The share closed at Rs 694.35, down Rs 20.9, or 2.92% with volumes of 941,301 shares. Its marketcap is of Rs 35,700.58 crore.
Tulsian told CNBC-TV18, "When the company is showing a turnaround I do not think you need to be too specific in making a segment analysis or taking a call on the market share and all those things. But if I take an overall call on the Q3 results, I think that gives a lot of confidence. Tata Motors having posted a PAT of about Rs 400 crore against losses in the corresponding quarter of the previous year and in fact the CV segments have started contributing."
On Punj Lloyd:
Gujral told CNBC-TV18, "Punj Lloyd is broadly in the range of Rs 175 to about Rs 225. The good news is that all the bad news is in the stock price, so if things improve stocks like Punj Lloyd can move very fast."
He further added, "The investor should keep a stoploss of about Rs 175 and wait for things to turn in the infrastructure space. Once the stock moves back above Rs 225 only then one will again see levels of Rs 270-275. The downside is probably low from here."
Tulsian told CNBC-TV18, "I am quite optimistic and positive on capital goods and infrastructure and I think Punj Lloyd qualifies a very good bet in that segment. In fact there has always been, whenever the company comes out with their quarterly results we have been seeing concerns coming in from them but fortunately at least for this quarter they have posted the bottomline in black. In fact if you see their order flows, every week they are in news having bagged the order of Rs 1000 crore or something like that and sitting on a huge black log of the orders and yes there has been partly execution risk and some liabilities emerging on the overseas contracts."
He further added, "The share price now is ruling at Rs 187-188 makes a good buy. If you are a trader and you have bought it at Rs 220 then you have to act with a stoploss and if you are in investor, I do not think you need to have any worry and can hold the stock."
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With Regards,
Kushagra Mehta
http://www.daytradi
Happy Trading,
United we grow!!!
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