CK Narayan, MD at Growth Avenues is of the view that one may buy Hindustan Unilever at around Rs 700-710 with a target of Rs 740 in a week time.
CK Narayan, MD at Growth Avenues told CNBC-TV18, "Based on my set of cycles that I look at for the market I have a call that the low for the month should probably be created before the tenth. So we are trading down into the lower end of the range and the range that the market has been maintaining is about 7,500 to 7,800 and we are probably down to the lower end. So I really wouldn't want to go out and short anything in this market and even per se as a strategy I don't want to short this market. I would rather wait out, see the down side and look to buy when it comes down into support."
He further added, "For the long side till the market really picks up trading futures may not be so very rewarding but within that there are some things in the FMCG area. I like Hindustan Unilever (HUL) the way it has moved against all odds, most people are of the opinion that it is either fully valued or there isn't too much to expect but the stock seems to be defying all those views and heading up higher. So around Rs 700-710 levels, I would look to buy into HUL and look for a target for a week at least at about Rs 740. If you would look across a month or two I would not be surprised to see it at about Rs 840-850."
"From a trading perspective Mahindra and Mahindra in the auto and in the IT space maybe Tech Mahindra is something that I would look at. HCL Technologies is not a bad bet either. In Arvind , the uptrend is stalled for the moment, but absolutely no weakness in Arvind and if it were to haul itself above Rs 240-245, fresh uptrends would probably ensue in Arvind. So these are some stocks from the future side I would go long in the B group side or the midcap side stocks like Gati which was up sharply and which has all the positives going for it," Narayan said.
He further said, "Second one where a reaction has been complete and up is Info Edge India at about Rs 750 odd. The third one which I might buy would be Gujarat State Fertilizers & Chemicals somewhere around Rs 82-83. All these stocks if the market is a little bit facilitative of advances you could easily see a 10-20 percent run-up in these midcaps names across the next week or more."
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