10 Buy Ideas from Experts for May Series; What to Expect?
The second wave of corona has shown a huge impact on economy break-down. Also, the Indian stock market has remained volatile, however, it managed to close flat with negative bias for the month of April. Meanwhile, broader market out-performed benchmarks as the S&P BSE Midcap index rose 0.65 percent, and the S&P BSE Smallcap index closed with gains of about 5 percent in April.
Although the rise in COVID-19 cases have led to extended lockdowns in various cities, experts say if Nifty manages to hold 14,300 level, it may retest its previous record high of 15,430. The nifty could bounce back to hit highs.
“The rollover has been very low this time in both Nifty and Bank Nifty and also the open interest in both is not significant. This indicates that markets are light and can turn either way based on the way positions are being built,” Mehul Kothari, AVP – Technical Research at Anand Rathi said.
“We hope that things start to settle by the middle of the May series. On the levels front, 14,300–15400 is the range which we are expecting,” he said.
Considering the scenario, Here’s a collated list of trading ideas for the May series, recommended by various experts:
Expert: Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas
1. Container Corp -
Maintain: BuyLTP: Rs 587Stop Loss: Rs 565Target: Rs 665Upside 13%
2. Apollo Tyres -
Maintain: BuyLTP: Rs 216Stop Loss: Rs 205Target: Rs 247Upside 14%
3. Tata Chemicals -
Maintain: BuyLTP: Rs 793Stop Loss: Rs 750Target Rs 890Upside 12% Expert: Sameet Chavan, chief analyst-technical & derivatives, Angel Broking
4. ONGC -Maintain: BuyLTP: Rs 108Target: Rs 115Stop Loss: Rs 103Upside 6%
Expert: Mehul Kothari, AVP – Technical Research at AnandRathi
5. Amara Raja Batteries -
Maintain: BuyLTP: Rs 810Stop Loss: Rs 760Target: Rs 900Upside: 11%
6. Escorts -
Maintain: BuyLTP: Rs 1118Stop Loss: Rs 1070Target: Rs 1190Upside: 6%
7. PFC -
Maintain: BuyLTP: Rs 108Stop Loss: Rs 96Target: Rs 125Upside: 15%
Expert: Sumeet Bagadia, Executive Director at Choice Broking
8. Glenmark Pharma -
Maintain: BuyLTP: Rs 576Target: Rs 640Stop Loss: Rs 530Upside 11%
9. Mahanagar Gas Ltd -
Maintain: BuyLTP: Rs 1125Target: Rs 1230Stop Loss: Rs 1060Upside 9%
10. Eicher Motors -
Maintain: BuyLTP: Rs 2421Target: Rs 2580Stop Loss: Rs 2340Upside 10%
Furthermore, the stock has given closing above 200-DMA, which suggests a positive move in the counter. Additionally, the momentum indicator MACD has given a positive crossover and is about to give closing above the zero-level line, which adds bullishness in the price.