Ashish Kyal,CMT Nifty trading strategy and for buying Amara Raja Batteries, selling SAIL and JP Associates on CNBC TV 18

Below is the verbatim transcript of Ashish Kyal's interview with CNBC-TV18

Ashish Kyal, CMT told CNBC-TV18, "One of the stocks that we have kept in buy even in this scenario is Amara Raja Batteries . It has managed to perform very well. The stock formed higher high, higher low when Nifty and other major indices, even midcap stocks have been crashing. It managed to fall hardly and has bounced back immediately as soon as we saw recovery. So, this stock looks good and we can expect a target of somewhere around Rs 1,085 but definitely a stop loss of somewhere around Rs 960 has to be placed. In case it falls below Rs 960 then some selling pressure can suffice. So, this stock looks good from short to medium-term perspective."

" Steel Authority of India  (SAIL) is a sell. Past week, we have been constantly saying that commodity stocks doesn’t look very promising and it is sell on any rallies. The stock was consolidating somewhere around Rs 55 and yesterday it gave a very sharp move below that. Even today it touched an intraday low somewhere around Rs 47. So, this stock looks weak and the bounce back we are seeing in metal index as of now should be only temporary. It is a global phenomenon right now. So, SAIL will be a sell with a stop loss of Rs 52. So, put that stop loss, in case it crosses Rs 52 there can be deeper retracement and the target we can expect is somewhere around Rs 45 on the stock," he said.

"Everyone is aware how Jaiprakash Associates  has performed over the past few months, rather the stock has come down from maybe around higher than Rs 20 level to sub Rs 10 levels and belongs to a very weak category. So, this stock is definitely a sell. The bounce back is again temporary and the stop loss should be used somewhere around Rs 9.70. We can expect this stock to go towards Rs 7 because it has broken the important psychological levels of Rs 10 and there has been huge volume with the fall. So, I don’t see the uptrend going to be sustainable for much longer time," he added.

"So, Amara Raja Batteries looks promising on the buy side and JP Associates and SAIL should be sold off on any rallies." 
(Source: moneycontrol.com)

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