Anand Rathi’s technical strategist Jigar Patel has issued short-term buy calls on Kotak Mahindra Bank, Ashok Leyland and a third unnamed stock on 18 May, setting one-to-two-week price targets and stop-loss levels for each, according to livemint.com.
Patel’s note, circulated to clients on Sunday evening, flags specific entry zones for the three counters after Friday’s broad-based selloff that dragged the Sensex down 161 points to 75,237.99 and the Nifty 50 46 points lower to 23,643.50, livemint.com reported. The brokerage’s derivatives desk will use intraday dips to accumulate positions while maintaining strict risk limits.
The calls arrive as domestic institutions turn net sellers amid a 0.7% rupee slide to a record low and Brent crude’s spike above USD 82 a barrel, conditions that have historically favoured selective large-caps with strong balance sheets. Comparable two-week swing trades by Edelweiss and Motilal Oswal in March returned 4-6% on similar banking and auto names, data from livemint.com show, underscoring the strategy’s appeal when index volatility hovers near 15%.
Investors will watch whether Kotak Mahindra can reclaim the ₹1,850 mark and Ashok Leyland holds above ₹220 in Monday’s session; Patel’s stop-losses sit 3-4% below these triggers. The next review is scheduled for 30 May, when positions will either be rolled or squared off ahead of the monthly derivatives expiry.