Buy MM Financial Services, ONGC: Pritesh Mehta

Pritesh Mehta, senior technical analyst at IIFL recommends buying Mahindra & Mahindra Financial Services with a target of Rs 295 and Oil and Natural Gas Corporation with a target of Rs 335.

Pritesh Mehta, senior technical analyst at IIFL told CNBC-TV18, "One can buy Mahindra & Mahindra Financial Services . I believe the stock has bottomed out, we have seen a sharp correction in this counter. Bottoming out is a process which generally takes place whenever stocks does nothing and it just consolidates in narrow range. The stock is building a bullish head and shoulder pattern. Above Rs 267 the stock could breakout on the upside. So buy it for the target of Rs 295."

"One can buy Oil and Natural Gas Corporation  (ONGC). It continues to trade in narrow range after a sharp correction. In last two weeks we have seen a market correcting sharply but this counter continues to trade above the support of Rs 301. It tells us that the stock is consolidating and willing to break on the upside. Above Rs 317 we can see sharp rally, so buy
ONGC for a target of Rs 335," he said.

Disclosure: Analyst might have recommended these trading ideas to his clients but has no personal holdings.

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