MUMBAI: Prakash Gaba of prakashgaba.com told CNBC-TV18, “I like the structure of Adani Ports , it has given a beautiful breakout at the base formation around Rs 205, upmove is there. A tight stop below the levels of Rs 224 should be fine, target on the upside could be in the vicinity of Rs 237.” ” BHEL has a base formation. The risk reward ratio is in our favour, so BHEL can climb to levels, the first target I have is around Rs 108, it can move even higher in the days to come.
Looks like the move is just starting and keep a stop loss below Rs 100 which is a psychological support,” he said. “I like the breakout gap in Granules India , after a good base formation it tells me when you have a gap like this perhaps an upmove is still on the cards. So Granules India can climb to levels closer to Rs 122. That is a first target but even once it crosses Rs 122-123 levels, it is going much higher. Maybe a new initial move is starting on Granules India, keep stop loss below Rs 115.”
“The energy stocks were doing well yesterday and this is a base formation in JSW Energy . So it is raring to go. Again a fresh upmove has started here and it can climb to levels closer to Rs 68, that is a first target because of a long weekend but once it crosses Rs 68-68.50-69, I think it is going to Rs 74. So I feel that the new initial move is starting and is the better bet out here. Keep stop loss below Rs 65.”
