Below i am mentioning a few stocks which do look good for a sharp bounce in short term as well as decent returns in medium term but partial profit booking advised at 15-25 % gains and be ready for a risk of 20-25 % downside to accumulate too. The picks are based on technicals and bit of fundamental analysis. Buying be done partially on current levels or closer to stop levels. Use your discretion and research to time the purchases and profit booking.
Investors can do their own research and buy on dips slowly over next 2-4 weeks or more.
Bank of India :
Fundamentally available at a price to book value of 1 or less and one of the well managed PSUs.
Buy in the range of 195-210 tgt 235-260 in short to medium term.
Stoploss around 183 below which it can drop to 150 in worst case.
Glenmark Pharma :
The stock has hit 2 lower freeze with a negative announcement and markets and has finally come down to attractive levels fundamentally but quick fall increases the risk.
Buy at 255 and 220 or lower with a stop of 186 on closing basis. A deep stoploss coz of quick drops. Target 350 -450 in short to medium term.
State Bank of India :
Has come down back to Jan levels and can be bought on dips to 1050-950 with a stop of 890 tgt 1200-1300 in short to medium term.
Other stocks which could give quick bounces
Reliance Inds , Hindalco , Tata Steel , Reliance Infra, Lic Housing in large caps.
Triveni Engg , HCC , Renuka in small caps.
Best Regards,
Nooresh
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