Buy Oil Stocks, Sell ICICI Bank, BHEL: Shrikant Chouhan

Domestic stock markets have fallen sharply ahead of the presentation of the annual budget on Monday. NDTV Profit caught up with Shrikant Chouhan, technical analyst with Kotak Securities, to discuss his trading strategies:

Sell ICICI Bank: The stock is trading below its crucial level of Rs 210, it has support around Rs 150-155. In the near term, ICICI Bank can go down to Rs 150-155.

Sell BHEL: This stock is headed for Rs 75-78. Sell BHEL on rallies towards Rs 100.

Buy Indian Oil, Bharat Petroleum, Hindustan Petroleum: These stocks will get support from Q3 earnings, but they are sensitive to crude prices. They will remain highly volatile tracking crude prices.

BPCL has strong support at Rs 700-710.
HPCL is trading below its important support levels. Investors should buy the stock close to its next support level of Rs 540-530.
IOC is close to its support at Rs 360-370.

Investors with a medium to long term view should buy these stocks as they may bounce back sharply.

 

[Source:- NDTV.Profit]