Sell Future Retail, Punj Lloyd: Shardul Kulkarni:-
Shardul Kulkarni of Angel Broking told CNBC-TV18, "I do not have a sell on the banking stocks as they have already fallen, just that we are expecting continuation. As of now one will not get a good risk to reward ratio in case of banking stocks."
"We have a sell call in case of Future Retail . We feel that stock can head towards Rs 80. It is already in a very strong downtrend. In today's trading session it has given a small flag breakdown and I think going forward further lower levels are expected. So with today's high as a stop loss one can go short in case of Future Retail," he added.
" Punj Lloyd has been a very strong underperformer and I think looking at the charts of Larsen and Toubro (L&T) most of the capital goods stocks as well as infrastructure counters will take a hit. So Punj Lloyd is also a sell. Target would be Rs 26 and the stop loss will be today's high at Rs 31.25."
Overweight on IT space, hold FMCG: Patnaik
Tirthankar Patnaik of Religare Capital Markets told CNBC-TV18, "At this point given the prognosis on the rupee, we will be overweight on IT. We will not really worry about valuations. I know Tata Consultancy Services (TCS) is about 20 times earnings, but Infosys still leaves a meaningful amount of valuation upside. We do like Tech Mahindra and we have been pushing that stock for a longish mile now."
He further added, "Overall on the IT space we have a three-pronged strategy, we are pushing execution, we are pushing a turnaround and we are pushing a fundamental growth story. We will be positive on IT."
"On FMCG, the valuations are not really comfortable. So what we have right now would be a hold and stocks with minimal upside that we would really like at this point would be Britannia Industries ,Dabur India and to some extent Bata India , but we would rather wait for results," Patnaik said.
IDFC dives 8.5% as Morgan Stanley downgrades to underweight
DFC shares lost 8.5 percent intraday to touch a 52-week low of Rs 117.50 Wednesday after Morgan Stanley downgraded the stock to underweight from equalweight.
The brokerage house has cut its target price on the stock to Rs 100 from Rs 150 earlier.
"We cut the loan growth outlook to 10 percent for 2014 and 2015. Also, since the first move by the RBI to tighten on July 15, short rates (three-month commercial paper) are up 125 bps. This is likely to start affecting incremental funding costs. At the same time, lending rates could stay sticky - making it tough to increase lending rates by around 125 bps for an already stretched corporate," Morgan Stanley report said.
At 13:30 hours IST, the stock was down 7.63 percent to Rs 118.70 on the BSE.
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