Technical Analyst Ashwani Gujral is positive on India Cements, ACC Cement and Dena Bank.
Hereĺs how Ashwani Gujral views the stocks on board:
On fertilizers:
Nagarjuna Fertilizers has sort of achieved a target of Rs 42. The next target here could be Rs 49.
For Chambal Fertilizer, a target of Rs 63 is possible and Deepak Fertilizer also looks good.
These fertilizers stocks have never moved like this in the past. So, I think a lot of under ownership is probably there and lot of people are getting interested. So, these could have much more way to go than people expect right now.
On India Cements:
India Cements has now broken through the key resistance of Rs 240-245. You could probably be looking at levels of about Rs 350 on India Cements. That looks the strongest of the cements stocks.
On ACC Cement:
For ACC, Rs 1,150 is a historical kind of resistance. Historically, September to March has been a golden period for cement. That should hold even this time because construction picks up, so cement is a good sector to be into.
Grasim also looks good for about Rs 3,350 next. A lot of these cement stocks have consolidated quite well and are now beginning to make their upmoves.
On Dena Bank:
Dena Bank is probably the strongest of the double-digit banks. It has got support at around Rs 50-55 and could be headed to Rs 72.
On Essar Steel:
Essar steel is not something I track, but most other large steel stocks like Tata steel, SAIL and JSW are headed towards new highs, if they havenĺt already hit them.
Tata Steel looks strongest, with Rs 730 as the next resistance. Once that is taken out, you could see almost a couple of Rs 100 on Tata Steel.
On Reliance Energy:
Rs 820 was a previous all time high, so once we get past that, you could easily see Rs 960-980 on Reliance Energy.
Its broken out with very heavy volumes and all Reliance stocks are looking very good.
On DLF:
DLF is showing strength, even while the market came down. It held the Rs 540-550 kind of level and looks poised to get back up to Rs 700. But it is not my favorite sector.
It is not outperforming. Just one or two stocks tend to show flashes of up move, but overall its not showing a lot of strengths.
Hereĺs how Ashwani Gujral views the stocks on board:
On fertilizers:
Nagarjuna Fertilizers has sort of achieved a target of Rs 42. The next target here could be Rs 49.
For Chambal Fertilizer, a target of Rs 63 is possible and Deepak Fertilizer also looks good.
These fertilizers stocks have never moved like this in the past. So, I think a lot of under ownership is probably there and lot of people are getting interested. So, these could have much more way to go than people expect right now.
On India Cements:
India Cements has now broken through the key resistance of Rs 240-245. You could probably be looking at levels of about Rs 350 on India Cements. That looks the strongest of the cements stocks.
On ACC Cement:
For ACC, Rs 1,150 is a historical kind of resistance. Historically, September to March has been a golden period for cement. That should hold even this time because construction picks up, so cement is a good sector to be into.
Grasim also looks good for about Rs 3,350 next. A lot of these cement stocks have consolidated quite well and are now beginning to make their upmoves.
On Dena Bank:
Dena Bank is probably the strongest of the double-digit banks. It has got support at around Rs 50-55 and could be headed to Rs 72.
On Essar Steel:
Essar steel is not something I track, but most other large steel stocks like Tata steel, SAIL and JSW are headed towards new highs, if they havenĺt already hit them.
Tata Steel looks strongest, with Rs 730 as the next resistance. Once that is taken out, you could see almost a couple of Rs 100 on Tata Steel.
On Reliance Energy:
Rs 820 was a previous all time high, so once we get past that, you could easily see Rs 960-980 on Reliance Energy.
Its broken out with very heavy volumes and all Reliance stocks are looking very good.
On DLF:
DLF is showing strength, even while the market came down. It held the Rs 540-550 kind of level and looks poised to get back up to Rs 700. But it is not my favorite sector.
It is not outperforming. Just one or two stocks tend to show flashes of up move, but overall its not showing a lot of strengths.
Source:moneycontrol.com
