Shrikant Chouhan: BUY Ashok Leyland; SELL Canara Bank

Shrikant Chouhan: BUY Ashok Leyland; SELL Canara Bank

Market expert Shrikant Chouhan from Kotak Securities has suggested one BUY Call and one SELL Call for short term traders. Indian markets are expected to remain range-bound today with a negative bias. After initially selling, FIIs have turned out buyers during June. The market sentiment is positive but many market participants are looking forward to a healthy correction in the markets before taking fresh positions.

Chouhan has suggested BUY Call for commercial automobile major Ashok Leyland at current price for target of Rs 175 with Stop Loss at Rs 157. The stock can even reach Rs 187 in short term, as per Chouhan. Ashok Leyland has been trading firm over the last few weeks.

Chouhan has suggested SELL Call for PSU banking major Canara Bank. Short term traders can SELL Canara Bank at current levels for target of Rs 280 with Stop Loss at Rs 302. Banking counters have witnessed a strong rally in the recent times and we can expect decline in some of the banks.

All trades should be conducted with strict Stop Loss. Markets can have unpredicted moves based on news and trends in the global markets. Stop Loss is an important strategy to reduce the risk in case the stock doesn’t move as per the call given by market experts.