“There are two calls which I want to suggest for the coming week. One of them is a buy call on and the other is a sell call on Ltd,” says Kunal Bothra of kunalbothra.co.in
In the week gone by, some sectors have done well. One such was the auto pack. Going forward, what kind of strength can this particular sector show? Also what will be your picks?
We are seeing a very interesting trend shaping up for the auto stocks. It is not just in the last few days or few weeks, have we seen the auto stocks coming to life. This process has been going on for the last three months.
In the week gone by, some sectors have done well. One such was the auto pack. Going forward, what kind of strength can this particular sector show? Also what will be your picks?
We are seeing a very interesting trend shaping up for the auto stocks. It is not just in the last few days or few weeks, have we seen the auto stocks coming to life. This process has been going on for the last three months.
Compared with the February 2022 lows, these stocks have done remarkably well for themselves. I think Mahindra & Mahindra was almost at 727.40 levels just about some three-four months back and the stock is now at four digit plus mark at a time when the overall markets and the indices have gone through a very sharp correction in a huge phase of volatility.
as well has done remarkably well in that time span. has done reasonably well and the stocks like , also have done reasonably well. So, it is not just limited to one or two stocks. It is the entire sector which is doing quite well or the majority of the stocks within the sector which have done exceptionally well.
That is a sign that this strength should continue for the sector over the near to medium term. My picks remain M&M as well as Maruti. I believe traders could look at the buy on dips opportunity in these two stocks.
There are two calls which I want to suggest for the coming week. One of them is a buy call on BPCL. We could start to get into a strong turnaround mode. On Thursday, BPCL showed a remarkable candlestick pattern, it was a strong indication of a breakout in terms of price, volumes as well as a strong change in terms of indicators for BPCL. I would expect this stock to start getting into an outperforming mode and would recommend a buy on BPCL. The targets should be kept at Rs 350 with a stop loss at Rs 317.
The second would be a sell call on HDFC Ltd. The stock on Friday saw a very sharp crackdown right from the opening. It opened 1.5% lower but throughout the day, the stock saw a consistent bout of selling pressure. I am sensing that it has got to do with more of the larger of the institutional hands selling the stock and with this selling pressure, HDFC has opened one more leg on the downside and could probably get to a further corrective mode suggesting a sell with the target of Rs 2,125 stop loss at Rs 2,225.
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