Shrikant Chouhan: BUY Reliance and Dr Reddy’s
Market expert Shrikant Chouhan from Kotak Securities has suggested two BUY Calls and no SELL Call for today’s trading session. Indian markets are expected to open slightly lower. The global cues are negative but local market sentiment is still bullish. NSE Nifty remains in uptrend while it trades above 18,000 levels. Nifty could take support from 17890-17870 range. Indian stocks have outperformed emerging market peers during the last couple of weeks.
Chouhan has suggested long BUY Call for Reliance Industries as the stock is fundamentally strong. Investors can BUY Reliance around current levels or on declines for target price of Rs 3050. The suggested holding period for this call is six months.
Chouhan has suggested BUY Call for pharmaceutical major Dr Reddy’s at current price for target of Rs 4850 with Stop Loss at Rs 4450. Pharmaceutical stocks have been outperforming over the last few sessions with Sun Pharma touching fresh highs during trade.
All trades should be carried out with strict Stop Loss. In case the trade doesn’t happen as per expectations, it is good to exit the trade if the call is in profit. TopNews will review performance of trading calls by the end of the trading session.