Buy DLF, Hold Indiabulls Real Estate, Avoid IGL: Aditya Agarwal
The Sensex and Nifty ended lower for the third day in a row as investors turned cautious on Monday awaiting earnings of Indian companies for the last quarter of financial year 2016-17. The Sensex and Nifty are trading close to their all-time highs. The Nifty is down 1.45 per cent from its lifetime high of 9,273.90 and the Sensex has slipped 2 per cent from its all-time high of 30,024.74. The real estate shares outperformed in Monday's session with Indiabulls Real Estate surging over 40 per cent after the company said that it will restructure its business by demerging the commercial & leasing and residential business into two separate companies to bring greater focus on individual business segments. Meanwhile, Aditya Agarwal, head technical research at Way2wealth, spoke to NDTV Profit on which stocks to buy and sell going ahead in an otherwise range-bound market.
Stock Talk
Hold Indiabulls Real Estate: The stock's price movement in Monday's session was more of a short covering in the F&O segment coupled with delivery-based buying. Overall structure for Indiabulls Real Estate is looking positive but at current levels, it is difficult to give a 'buy' recommendation. However, those who are holding the stock should continue to hold with a stop loss at Rs 128 for a target of Rs 170-175.
Buy DLF: The stock has moved above its resistance of Rs 160-165 and now seeing fresh buying. Investors can buy DLF for a target of Rs 195-200 with stop loss at Rs 158. DLF is looking promising on the charts.
Avoid IGL: The stock is trading in a band of Rs 980-1,070 for past two-three months. Currently, IGL is at the higher end of the band and if it breaks above Rs 1,070, it can go up to Rs 1,150-1,180. Traders should avoid going long at current levels. Longs should be built only if it settles above Rs 1,070.
Buy GAIL India: The stock is looking positive on the charts and it can be purchased above Rs 400.
Buy HDFC: Traders can buy this stock for a target of Rs 1,520-1,540 with stop loss at Rs 1,460-1,465.
Buy Tata Motors DVR: The stock is in an overall downtrend but has strong support at Rs 274. Investors can buy for a target of Rs 289 with stop loss at Rs 274.
Buy Apollo Tyres: Investors can buy this stock around Rs 225-222 for a target of Rs 250-260 with stop loss at Rs 215.
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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