Stocks that traders can think to stock today
After gaining four straight trading session at the street, traders are betting high for another rally at the Indian indices. After the Nifty closed above 10,850 levels, speculations are high for its next level of 10,900 to 10,920. When asked experts are still backing banking and housing finance scrips. Stocks like ICICI Bank, Axis Bank, SBI, Muthoot Finance, Capital First, L&T Finance, LIC Housing Finance are still backed by the equity experts citing, "Any slip in these strips is mere sentiment. Fundamentally these strips are very strong."
Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal told Zee Business Online, "Traders can still go for banking stocks, especially ICICI Bank, SBI and Axis Bank."
Asked about the position a trader can take in these banking scrips Taparia said, "For ICICI, investors can take a position at any dip taking stop loss at Rs 375 and book profits at around Rs 395 levels. For Axis Bank stock, people can take the position at around Wednesday closing levels with stop loss at Rs 655 level and book profit at Rs 685 levels."
On SBI stock, Taparia was of the opinion that SBI has given a good level to take position for the buyers on Wednesday during profit booking period around a few hours before close, but it is still at the level where people can take a buy position in the stock taking stop loss at Rs 298 and advised investors to book profits at Rs 350 levels.
Agreeing with the views of Motilal Oswal expert on SBI, Simi Bhaumik, Technical Equity Analyst (officially registered with SEBI) told Zee Business Online, "I would maintain my views on SBI, Muthoot Finance and Capital First and advise traders to take buy position in these stocks."
She said that traders can take buying position on Muthoot Finance above Rs 500 level with a stop loss at below Rs 490 and book profit in between Rs 540 to Rs 555 level. On Capital First, she recommended buying at Rs 570-575 level with a stop loss below Rs 555 as the scrip may soon touch the Rs 640 level.
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