2 stocks considering going long on in a falling market: Kunal Rambhia

economictimes.indiatimes.com:

Kunal Rambhia, Fund Manager, The Streets, says one can initiate a buy on Mphasis. The stop loss being Rs 2070 and the first target can be 2140 and we will keep revising the target on the higher side. The second counter is from the defensive pack and that's Britannia. One can go long on Britannia also. The target is Rs 4,650 and the stop loss is Rs 4,450.


Let us talk about the fall, there is nothing more that we can talk about the midcap, smallcap space that has seen a sharper fall. So, what is the view on the broader markets? What do they look like? And what is your presumption that is coming in for going forward as well?
The Nifty is down by around 5.5% from the recent highs of around 19,850. But presently we are trading at around 18,865 and on the chart the first support which I can see is 18,925. Now, this is the futures level which I am mentioning about.

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So, 18,975 is something to watch out for. So, in a day or two, if the indices are able to reclaim those levels, then the bounce till around 19,500 cannot be ruled out. But failing to reclaim the level, the 18,400 kinds of levels are something to watch out for and this correction might just get extended for 400 to 450 points more from the present levels.

Let us talk about your top picks. What would you be looking at in this market?
In these kinds of markets, where the counters are already butchered down significantly, I always try to find out something which is available near to support to initiate the buys. The first