SP Tulsian said it will always be risky to trade in the F&O just in anticipation that the share will keep moving up one way till expiry post its introduction in F&O. now, from today, if you see, 3-4 stocks having got introduced in the F&O that is Equitas, Ujjivan Financial Services, Capital First and Muthoot Finance and in fact, we have been keeping positive bias on all. But if you take the two preferred choices which we will be rather going for, one is Ujjivan and second is now Muthoot Finance at the current valuations because Equitas, if you see, there has been, in this last maybe couple of months or last three months, we have seen strong hands having exited from Equitas and have move to Ujjivan because of the more comfort on the valuations and the growth to be seen in that company.
Capital First continues to remain as an evergreen stock. People have been because of the retail presence, very good asset quality and all sort of things, but at the current valuation of close to about Rs 800, I will not be taking a call and if someone has invested in the stock, I will not hesitate in advising them to go for profit booking in Capital First, not today but maybe at a level of Rs 810-815 or so, SP Tulsian said.
SP Tulsian advised that Rs 1,350 is seen to be the outer level and if you remember when this SEBI order came in, you asked me, I say that Rs 1,250 seems to be a good support and Rs 1,3500 seems to be a good resistance. And broadly, the stock has held in that range in spite of the negative having built by many of the people on the Reliance Industries, I say that probably I do not look any further weakness. Maybe because of this Reliance Jio subscription because I have been expecting that probably the renewal of 66 percent to 70 percent will be seen in the Reliance Jio renewal, not beyond Rs 7 crore. But suppose you get to know that figure one day that the renewal has crossed beyond Rs 7 crore, the probably some upside is seen left in the stock and it may move to a level of Rs 1,350 as well. But as of now, I do not think that it is overdone as long as it remains within the range of Rs 1,350 or so.
Oil marketing company (OMCs)
Indian Oil Corporation
SP Tulsian has a positive view on all three oil marketing companies because there are no concerns except this news of merger of Hindustan Petroleum Corporation (HPCL) with Oil and Natural Gas Corporation (ONGC) and all that which has not got liked by the market because even I have been having my reservation because there is no synergy of ONGC an exploration company upstream taking over an oil marketing company. If there would have been merger of HPCL and Bharat Petroleum Corporation (BPCL), probably that would have been more synergistic. But if you really take the situation, I do not think that government will really be in a hurry and will be taking any hasty move which will destroy the valuations. So, keeping that in mind and the freedom of the prices and the marketing margins seen intact of all these companies, I am keeping positive view on all three oil marketing companies with pecking order of HPCL, BPCL and IOC.
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