Rajesh Bhosale explains why Eternal and Bank of Baroda are on his radar
ADVERTISEMENT It has been a weak start for the week. Nifty has been continuously below 25,100. Looking at the IT pack results, we are seeing pressure on stock specific counters as well. But there is a lot of action in the PSU banking space. Having said that, what is your take on the market at the start of the week, and your picks later on?
Rajesh Bhosale: We are seeing a weak start to the week, with extended bouts of profit booking. We see a strong support for the market in the range of 25,000 to 24,900. This support coincides with a 50-day exponential moving average, golden retracement and a rising channel. As of now, we are expecting 25,000-24,900 to hold. But if that is breached, then there can be a further profit booking. But the positive side from here is that the midcap broader market is showing some kind of strength. Midcap selective index is trading half a percent up and is holding on to its golden retracement. So, a positive outlook can be kept on selective stock specific action.
Like you said, it is a stock pickers' market and sectors also. At present, we see a few sectors – pharma and the banking space which is doing the rounds on the positive front. What are the stocks on your radar?
Rajesh Bhosale: Selective midcaps are showing strength and from there, we like Eternal formally known as Zomato. In the last couple of weeks, the stock had been trading in a range but now we are seeing a range breakout and in this market, the stock is up around 3%. The stock is forming a base around the 20-day exponential moving average and we expect this positive momentum to continue in the near term. So, with a stop loss around Rs 262, Eternal can be bought. We are expecting targets of Rs 283. As you highlighted, banking space is showing some kind of strength, especially the PSU basket. The PSU basket is showing strength and from there, we like Bank of Baroda which is holding on to its 50-day exponential moving average and it is trading above its Friday swing high. We are expecting positive momentum to continue in Bank of Baroda with a target of Rs 235. We are expecting Bank of Baroda to move towards the levels of Rs 250 in the near term.
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