In an interview to CNBC-TV18, Sahil Kapoor of Edelweiss RCM Research shares his views on the market and specific stocks going ahead.
In an interview to CNBC-TV18, Sahil Kapoor of Edelweiss RCM Research shares his views on the market and specific stocks going ahead.
Below is the verbatim transcript of Sahil Kapoor's interview with CNBC-TV18.
On Larsen and Toubro
In the short term Larsen and Toubro (L&T) will underperform but over the medium term there will be enough buying at support levels. This is a short term call where you can see L&T going down towards Rs 1,400 or Rs 1,380 levels. You could go to short closer to Rs 1,495 and keep a stoploss above Rs 1,544.
L&T has started to show some weakness on daily charts and on weekly charts. We are seeing a flag formation which appears to be breaking down. In the short term it will have some amount of selling pressure.
On Tata Steel
Tata Steel appears to be getting in a place where it is ready for a big breakout. Largely it has started to outperform the market for the last three to five days. Tata Steel has continued to be on the stronger side. Today also we are seeing some outperformance.
This outperformance will turn into a good breakout on the upside. Buying at these levels and stoploss below Rs 539 should suffice and you should look for targets of Rs 600.
On Bajaj Auto
Bajaj Auto has a very good chart out of all the auto sector stocks, Rs 2400-2450 is a target that I look at for in this stock in the near term. Barring the disappointment in results I don't see that the prices have actually shown any major negative patterns or any indication of a correction.
Bajaj Auto continues to remain a good buy. Most of the indicators that we look at are also in the positive zone. I would prefer to buy Bajaj Auto on any dips and look for higher targets of Rs 2425.
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