Two top bets for Monday morning: Manav Chopra, Monarch Networth Capital

In a chat with ET Now, Manav Chopra, Head - Technical Analyst, Monarch Networth Capital, says Reliance Industries and NMDC are his choice for next week. Edited excerpts


ET Now: Let us first talk about what is leading this rally. It is Reliance Industries and it has been a strong mover. What are your thoughts on how much can it do further?

Manav Chopra: Absolutely. In fact, this stock has seen a very good range breakout after several years of consolidation and I think this breakout now will sustain on the upside. Nevertheless, the important support will be at Rs 1050 on the lower side and once since the stock has already seen a good breakout I think in the near term this would be a good outperformer in the near term perspective and also in the medium term. So Reliance Industries definitely is very well poised for a medium term, long term upside target of Rs 1250 and for the immediate targets that we are looking is close to Rs 1175 on the upside.

ET Now: What are your top bets for Monday morning?

Manav Chopra: My first pick is on Reliance Industries since the breakout has happened with above average volumes and after a sideways consolidation also confirmed on a daily charts the current levels is a good buying opportunity. Having a stop loss at Rs 1060 on the lower side and the upside target will be at Rs 1200.

My second buy call will be on NMDC. The prices after sideways consolidation has seen a good breakout also on the intraday chart after a good decline from its recent highs. Since the prices have seen a good bounce from its oversold zone it will be a good outperforming stock in the near term perspective. One can face a stop loss at Rs 102 and maintain an upside target of Rs 112.