Investment expert Sameet Chavan of Angel One recently shared some valuable insights during an interview with CNBC-TV18. Chavan has recommended two specific stocks for potential investors.

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The entire oil marketing companies (OMC) sector is experiencing significant growth today. Particularly, HPCL has shown a strong breakout from a bullish flag pattern.

With a notable increase in trading volumes, Chavan anticipates HPCL to perform well. His short-term target for this stock is Rs 290. Investors can consider taking a long position at the current level and set a stop at Rs 268. HPCL shares have risen by over 8 percent in the past month.

In addition, United Breweries (UBL) has emerged from a prolonged dormant phase and exhibited positive performance today. Chavan has observed substantial trading activity, with volumes nearly double or triple the average daily volumes.

Considering the price movement, Chavan expects the stock to approach its 20-day average of approximately Rs 1,580. This presents a favorable risk-to-reward opportunity at the current level.

He recommends short-term traders set a stop loss at Rs 1,470. Key levels to monitor would be around 1,560 to 1,580. Over the last month, the stock has gained more than 7 percent.

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First Published:Jun 7, 2023 2:14 PM IST