Buy DLF, Britannia in morning trade: Manas Jaiswal, Manas Jaiswal Technical Research Group

In a chat with ET Now, Manas Jaiswal, Manas Jaiswal Technical Research Group, says this correction is a good buying opportunity Edited excerpts



ET Now: What is your view? Technically, do you think the market would pretty much be holding on to 8200 or that range between 8150 and 8200 is most critical?

Manas Jaiswal: Yes we will have some profit booking above 8200 mark on Nifty but then the overall trend is still bullish. Nifty is making higher tops and higher bottoms and it has a lot of support in the range of 8050 and 8000. So we have to keep big stop loss of 8050 because of the volatile market and the major event ahead. But then you can set a big target of 8450, which is almost 250 points from current levels. Definitely this correction is a great buying opportunity with the stop loss of 8050.

ET Now: Help our viewers then with trading ideas to approach Thursday's session.

Manas Jaiswal: Many realty stocks have outperformed in the last three months and I think one can still keep an eye on these stocks because they have more upside potential, especially DLF, where the stock is making higher tops and bottoms. Today, it broke the resistance of Rs 139 with great volume. So the stock can come up to around Rs 149 which is our target. One can buy it with the stop loss of Rs 135.

The second call is on Britannia, that is a buy call because stock corrected almost 300 points in last three weeks but now stock can correct upside, it can come up to around Rs 2685. One can buy Britannia at current levels and keep a stop loss below Rs 2584.