Many infrastructure stocks have broken out on their long-term charts and some of them could actually end up rallying 30-40 per cent, feels Kunal Bothra an intependent market expert. Bothra said Independent Market Analyst said that HCC is due for HCC for a big breakout. Edited excerpts:
ET Now: What is next in store now that Nifty50 has crossed the 10,450-mark?
Kunal Bothra: The best part about the market is that while we were under a 'fear' territory during that demonetisation scenario last Christmas, this time around, we are into a 'greed' like situation. We have gone through one year of completely different sentimental aspect.
Nifty50 breached 10,500 on Friday which is one more remarkable milestone to scale through.
The global market footing has been extremely strong. It just gets more stronger day by day: We are into a very comfortable scenario. Sectorally, of late, we have seen a lot of participation happening. Even if one sector does not participate or takes its own time during consolidation, you have others which have lend a helping hand.
All in all, it is a comfortable scenario for our market. After the 10,500-mark, the next target for the index comes at around 10,750. A level of 10,400 could act as a short term support, if you are a short term trader.
ET Now: Is there any infrastructure stock that you like?
Kunal Bothra: I like quite a few infra stocks. A couple of stocks such as HCC and NCC have been seeing some strong price action. Many of these stocks have broken out on their long-term charts. These are the stocks to bet upon. HCC is still due for a big breakout on the long-term charts. That level is close to Rs 45-44.5.If you are looking to buy stocks on breakouts, HCC should provide that breakout pretty soon. NCC, on the other hand, has already given that breakout The stock has been on a strong footing for the last few months. Many of these stocks can have huge volume and price action to provide another 30-40 per cent upside in a short span of time.
ET Now: This is going to be a long weekend but what would you like to trade on Tuesday morning?
Kunal Bothra: There are a couple of stocks which have broken out of late. Jet Airways is one of them. The stock has been doing pretty well: Strong delivery data in terms of volume action; p rice-wise as well the stock is trading at a fresh 52-week high. The stock can be bought into at Rs 760-odd level for the target of Rs 825. The may place stop loss at Rs 725
JSW Energy is another stock. The stock is now trying to get into some strong positive price territories. It is trading close to Rs 88-8 odd zone. A short term trader can watch out for the target of Rs 100, with a stop loss placed close to Rs 84 level.
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The post Jet Airways, JSW Energy top bets for Tuesday; HCC due for a breakout: Kunal Bothra appeared first on News Wire Now.
