Pankaj Jain of Sunteck Wealthmax recommends buying Hindustan Petroleum Corporation and advises selling Steel Authority of India.
In CNBC-TV18's popular show Bull's Eye, Pankaj Jain of Sunteck Wealthmax shares his trading strategies for the day.
One may go long in Indiabulls Housing Finance . This stock saw heavy volume yesterday and technically closed well above its 50 day moving average which was a strong close and volume breakout was seen yesterday, this stock could again move upward in today's trading session.
One may go long in Bharat Petroleum Corporation (BPCL). The stock is at a new high and in uncharted territory, looking very strong technically and fundamentally all these petroleum related stocks – suddenly money is rushing into these stocks. Taking technical into consideration BPCL could be a good bet.
One may go long in Hindustan Petroleum Corporation (HPCL). It saw some kind of selling pressure towards last one hour of trading yesterday. There was some kind of profit booking, some kind of selloff seen in the stock and that could reverse in today's trading session and taking the background of dollar as well as crude it seems to be a good bet.
One may sell Steel Authority of India (SAIL). It seems to be trading well below most of its relevant average and we could see levels closer to Rs 50 in the stock in weeks to come inspite of the kind of positive momentum we are having in the market.
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Buy Indiabulls Housing, BPCL, HPCL; sell SAIL: Pankaj Jain
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