In an interaction with Myiris.com, Rajesh Manial, AVP, retail desk - technical research, GEPL Capital has provided views on two buzzing stocks on Wednesday, Mar. 13, 2013 which are as under:
ONGC has been consolidating its gains since past couple of months after making a high of 355. Due to weakness in the broader market there is a possibility that it may further drift down but has a strong support placed at 288. Any decline in the scrip till 310 - 300 range may serve as an opportunity to buy the stock for an impending upside which may take it beyond the recent high of 355 where we recommend profit taking in long positions. Traders may buy the stock with a stop loss of 285 for an upside target of 355 over the coming few weeks.
Shares of the company declined Rs 8.2, or 2.52%, to settle at Rs 316.70. The total volume of shares traded was 197,077 at the BSE.
Tata Motors, India's largest automobile company, fell today after Jaguar Land Rover (JLR), a subsidiary of the company registered lower-than-expected growth. The company reported a growth of 3% in sales during February 2013. It sold 26,855 vehicles during February. During the first two months of the year, Jaguar Land Rover sold 61,732 vehicles, up 18%.
Since past month and a half Tata Motors has been pretty range bound between a broad range of 310 to 285. It now trades close to the higher end of this trading range and appears ripe for a decline till not only 285 but it may likely break this support and come down till 265. The entire move since past few weeks is a corrective one to the decline that started from 337 till 268. We recommend a sell on the scrip with a stop loss of 320 for a downside target till 265 over the coming few weeks.
Shares of the company declined Rs 3.5, or 1.15%, to settle at Rs 300.80. The total volume of shares traded was 1,369,948 at the BSE.
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