Buy United Spirits, Sell Hindalco: Sanjeev Bhasin
The Nifty is likely to consolidate around 7,800 with Asian markets trading flat. Strength in the rupee should improve sentiment as foreign flows remain the main driver. Extended weakness in oil should see more flows headed towards emerging markets with India & China being main beneficiaries.
We did advise closing all our trades on Friday as we headed into a long weekend.
We met our targets on Longs of ICICI Bank & Sobha Developers giving gains of around 2.5 per cent and 5 per cent respectively. The shorts on UCO Bank & HDIL were evened out with UCO Bank gaining 1 per cent while HDIL losing 1 per cent.
We also squared-off our balance trades as under:
1) Long Maruti Suzuki India 2.5 per cent gain
2) Long Bharti Airtel 2 per cent loss
3) Long Axis Bank 2 per cent gain
4) Long Tata Motors 3 per cent gain
Total gains were 7.5 + 5.5 =13 per cent
For today we are recommending 2 buy/sell calls as under:
1) Buy Jindal steel @ Rs 284-86, stop loss Rs 274, target Rs 300.
2) Buy United Spirits @ Rs 2,360-80, stop loss Rs 2,260, target Rs 2,545.
3) Sell Hindalco Industries @ Rs 176-78, stop loss Rs 182, target Rs 167
4) Sell Cairn India @ Rs 318-320, stop loss Rs 326, target Rs 306.
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