Hemant Thukral, National Head-Derivative Desk at Aditya Birla Money, "We have two midcaps for recommendation. One is Pidilite Industries. What we have seen on Friday is a big open interest addition, 12 percent open interest has been added up. Important was the way the stock has closed at a new 52-week high. So, now previous 52-week high is crossed, that is Rs 770-775 levels, we expect it to become a support and the immediate target that we are seeing is Rs 830-835 in next two-three trading sessions. The cash volumes of this stock have also moved up. Yesterday we have seen 7.1 lakh shares traded up against an average of 4.3 lakh shares of last ten days. So buying both from the cash front as well as the Futures and Options (F&O) front, tells us that the stock is in a good buying mode."
"The second midcap that we have selected is Mahanagar Gas (MGL). All the gas stocks saw some buying coming like Indraprastha Gas (IGL), MGL. The reason to pickup MGL was the open interest, the way the open interest got added up within the stock and the way the cash volumes have also moved up. We expect the stock to move up another 4-5 percent from the current level and the target that we are seeing is around Rs 1,025-1,030 and the stop loss that we maintaining is Rs 960," he said.
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