Below is the transcript of Ashish Kyal’s interview on ET Now for Market Fatafat discussing strategy on stocks like PC Jewellers, Tata Motors, Bharti Airtel and Avanti Feeds
PC Jeweller daily chart:
Q: How to approach PC Jewellers at current levels?
Advice: It is best to avoid this stock and better to wait for few months before it stabilizes. Sell on rallies will be ideal strategy with 178 as stop and target of 110. Many traders and investors are stuck in this stock thinking that there will be possible reversal. But it is best to avoid such stocks for going long unless there is base formation near the lows. Also a trader can follow trailing stop to squeeze most out from the existing positions but avoid fresh investments for now.
Tata Motors daily chart:
Q: Tata Motors had be in buzz today, How to approach this stock and what is the view?
Advice: The stock has shown good momentum on the upside from the channel support. Also 280 has been a very important support zone which has been protected for many years. As long as the zone of 280 – 290 is protected we can start seeing positive reversals. Since there is yet to be a base formation it is best to buy on dips to 308 with stop of 298 and target of 325.
Bharti Airtel daily chart:
Q: Is it time to buy Bharti Airtel? What should be the strategy?
Advice: The stock looks to be forming some base which can give short term trading opportunity on the buy side. Also we have seen positive breakout above the previous resistance. So from short term perspective one can create long positions at cmp 389 with stop of 377 and target of 415.
Avanti Feeds daily chart:
Q: Avanti Feeds has shown strong rise, How to approach this stock?
Advice: This stock gave strong up move over past few days. Also important thing to note is that the 4 to 5 days of up move has retraced back the entire 8 to 10 days of down move in faster time. This suggests price and time reversal. So use dips towards 1875 as buying opportunity with 1800 as stop and target of 2000.
The above is an outlook given by Ashish Kyal on ET Now show. Please use your own detailed analysis before initiating any positions as prices might have changed during the course of the day.
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