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Pradip Halder, the Founder and CEO of PHD Capital, said electric vehicle (EV) makers such as Olectra Greentech Ltd and Ather Energy Ltd are long-term plays. Kaynes Technology India Ltd, he said, has potential to see short-covering bounce in the short term. Book profits on Sterlite Technologies Ltd after a strong recent rally, the analyst advised traders in an exclusive interview to Business Today TV (BTTV).\u00a0<\/p>
Olectra Greentech: A long-term play\u00a0<\/strong> He said auto stocks with EV focus are back in vogue and given that the stock at around Rs 1,466 apiece is trading below Patil’s average holding price, staying put is a good option.\u00a0Halder noted that the EV story did lift EV stocks in the past. But given the government’s thrust to EV, Halder feels the stock should move up from here on.\u00a0 He said stocks like Ather Energy and Olectra Greentech are a theme for the next 2-3 years. I see 40-50 per cent from here. “If you have a time horizon of more than one year, you may be in good profit,” Halder said.\u00a0<\/p> Kaynes Tech:\u00a0Short-covering bounce possible<\/strong><\/p> On Kaynes Tech, Halder said if the support of Rs 3,050 is respected, he sees a short coverings rally in coming days. The initial target is seen at Rs 3,750, followed by Rs 4,200-4,250. Halder said the stock has already witnessed a breakdown and downside looks capped. He advised traders to keep a stop loss at Rs 3,050 on the counter.\u00a0<\/p> Sterlite Technologies: Time to book profit\u00a0<\/strong>
On a query by a BTTV viewer by the name Vicky Patil on Olectra Greentech, who is holding the stock at an average of Rs 1,530 apiece, Halder said the trader should keep holding on to the stock in the backdrop of the recent changes to Delhi EV policy.<\/p>
The fact that the stock has delivered strong returns of late is why one is seeing some profit booking on the counter and there is nothing alarming. \u00a0<\/p>
Halder said Sterlite Technologies has delivered a sharp rally, with the stock gaining around 258 per cent in the past three months. The stock has seen some profit booking and could test Rs 450-475 levels, down Rs 100-120 per share from prevailing level. He said one should book your profit and that he would refrain from recommending fresh buy or averaging the stock at the prevailing level. Existing investors must consider booking profits on the counter, Halder said.\u00a0<\/p>