Anil Manghnani of Modern Shares & Stock Brokers is of the view that one can buy Power Grid between Rs 92-100 with a stoploss below Rs 92.
Manghnani told CNBC-TV18, "Since Power Grid is still a trading market I think an absolute trading just for the day will be Rs 105 but I will extend that to about Rs 113 as a leading target, and the range to buy would be Rs 100-92 with a stoploss below Rs 92. It has held that on last couple of occasions and if the market can breakout all these above levels and start moving up higher then I think from a more medium-term point of view target could also be Rs 125-126."
He further added, "One benefit of Power Grid is that it has been added to the Nifty. We can see the effect that JP Associates had when that was announced that it is added on the Sensex. So maybe when the date comes closer even Power Grid would see a lot of Nifty based fund having to buy into this stock just to do their portfolio."
Technical Analyst, Rajat K Bose is of the view that above Rs 104, Balrampur Chini Mills can touch Rs 127. He is optimistic about the sugar space.
Bose told CNBC-TV18, "I would say that Balrampur definitely looks pretty good. In fact I was expecting this not to go below Rs 78 but on Monday it bottomed out at Rs 76.10 and then bounced back very strongly. If it were to move above Rs 104 then the target would be something like Rs 127."
He further added, "Shree Renuka is perhaps the most high beta stock in the sugar space and it shows quite a bit of strength and it can actually move faster but there you must be prepared that it actually shows a lot of volatility."
"On the other hand for Bajaj Hindustan, above Rs 245 the next target would be something like Rs 265-270. All of these stocks- I continue to believe that over the medium-term you would actually get decent gains if I have given you a projection of Rs 127 for Balrampur similarly even down south Sakthi, Ponni Sugars (Erode) those stocks are also likely to do well. So, I am pretty much optimistic about the sugar space and I hold a couple of sugar stocks in my portfolio including Balrampur."
