Buy Ashok Leyland, GMDC, JBF Ind; sell Ambuja Cements, EIL: Bonaz Capital
Ashok Leyland is buy with a stop loss of Rs 90 and target of Rs 104. GMDC is buy with a stop loss of Rs 138 and target of Rs 150."
"JBF Industries is buy with a stop loss of Rs 293 and target of Rs 308. Ambuja Cements is sell with a stop loss of Rs 240 and target of Rs 225. Engineers India is a sell with a stop loss of Rs 158 and target of Rs 146," he said.
"United Spirits, from the way it moved over the last few sessions, possibly there was an anticipation that this is going to happen. Now, because of this news, a correction is likely. Now, if in this correction it gets to Rs 2,350-2,400, I think those will be good levels to get back into the stock instead of getting out permanently. So, just wait for the first decline on the stock and chances are this should hold its 200 day moving average and then move on from there possibly towards Rs 2,800-3,000."bonaz capital
"Infosys tried to cross its 200-day moving average at about Rs 1,000. It has retreated sharply from there. Now, Rs 900 is very crucial; that has been a strong support for a while. In case Rs 900 starts breaking down and if all this selling is going to come in, chances are it will break down and then we open another leg towards maybe Rs 700-750. So, Infosys and all IT stocks are fairly precariously poised."
"Promoters selling is a big negative vote of confidence because they did not sell for all this while. They had trouble with the management, they did not sell, now maybe it is because of business -- one day you hear Wipro is selling, next day you hear Infosys is selling, business is not picking up. So this is not a good sign. So, retail particularly should stay away from this sector," he added.