Speaking to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says, "It is not possible for traders to make consistent returns daily. This uptrend came in at 5,500 and brought the market all the way to 5,900. At this point, traders must become careful. You cannot get a 400-point gain every month. It is beyond expectation. So, a phase of consolidation is bound to occur in May. The phase of consolidation could turn very choppy too."
In the light of the upward market rally, SP Tulsian of sptulsian.com lists some of his top picks. "I have a 'sell' call on IndusInd Bank and Titan Industries . Investors could take a call on IndusInd with a target of Rs 462 and a a stop loss of Rs 470. For Titan, investors could set a target of Rs 258 with a stop loss of Rs 262 or Rs 262.50. Both the stocks show weak trends. As the rollovers are quite low for both stocks, investors not able to catch the target or stop loss, should look for a return of about 1 percent on the weaker side. Even if they enter at the current price, they should look for a gain of about 1 percent on the short side."
On L&T Finance's results , Tulsian does not expecting any positive surprise. "Their earnings for Q3 over Q2 have been flat and a bit disappointing. I do not think that the results will really cheer the market going forward."
Jet Airways is up at about 11 percent after slipping a quite a bit from the highs of trade . "The only ambiguity in the whole deal is whether the open offer will act as a trigger. The market has started to prepare for the open offer turning out to be a damp squib and that has led to the share price subdued at Rs 635-640. But if the open offer triggers the market, then the stock will move to Rs 680-685. I don't think that there is much downside as the stock is virtually ruling at its lower end of Rs 635, " says Tulsian.
Tulsian holds a positive view on LIC Housing Finance , which is slated to announce results on Friday, has posted dismal performance over the past few quarters. "Some caution is required as the NIM is a bit subdued. However, I will not be too worried because strong results can make the stock to touch Rs 260. If earnings disappoint, the stock could fall to Rs 222-224 which serves as a good level to buy."
Though Tulsian cheers Hindustan Zinc earnings, he raises concerns regarding the company's performance in Q1. "There has been a fall in the silver realisations and EBIT of the silver business remains subdued. That is the reason for the stock correcting to about Rs 105 last week. So, I do not hold a very positive view on the stock."
Offering a perspective on Maruti Suzuki , which is to announce results on Friday, Tulsian does not expect much disappointment from Maruti. "I am not positive on the share price. Though the share has moved up more than Rs 300 and even if the company manages to announce satisfactory results, considerable profit booking is expected to set into the stock. So, I'm cautious on Maruti and expect the stock to correct to about Rs 1,450 in the next series."
Media stocks had a new lease of life in today's trade. "I have been positive on all the media stocks after digitisation across 38 cities. But honestly, I do not expect today's rally to repeat itself. Zee Enterprise , Sun TV and TV18 are really good stocks, but one has to really look to enter on dips. Investors could be a bit cautious on these stocks in the May series and enter on a correction of 3-4 percent."
Tulsian rates the earnings announced by United Phosphorus to be very robust and calls the earnings per share (EPS) of about Rs 6 for the quarter as "really remarkable". "But it is unfortunate that this stock never participates and the market has held no fancy for this stock."
With ICICI Bank to announce earnings on Friday, Tulsian sees little reason for disappointment. "But after the RBI policy, for the entire May series, I am cautious on all banking stocks."
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