Hold Hindustan Petroleum Corporation, SBI: Nooresh Merani

Nooresh Merani Of Asian Market Securities told CNBC-TV18, "Hindustan Petroleum Corporation (HPCL) has been in a good trend. After making highs closer to Rs 900 levels in the last few months, the stock has consolidated. After this consolidation, we expect another move going back towards Rs 900-1,000 levels in the medium term. So I would suggest a hold at current level and watch out for much more momentum once it starts trading above Rs 840 levels."

"If we look at State Bank of India (SBI) technically, there is a strong band of support between Rs 220 and Rs 240 and it is trading closer to that zone only for quite some time now. So, I would suggest keep a stop loss closer to Rs 215 levels and hold on to the stock. It is highly oversold at current level, so we can see a bounce back closer to Rs 260-270 levels in the medium-term. So, whenever it goes back to those levels review for exiting the stock. As of now, it is a hold."

"Technically ICICI Bank had a lot of support around Rs 245-250 levels which it has breached in the last few days. As well as there is no momentum on the upside so I would suggest no averaging at current level unless the stock goes down all the way to Rs 220 levels. In the near-term, we expect a bounce back towards Rs 265-270 which should be used to reduce the position into the stock because overall the trend has been down in the last few months. So unless we start closing above Rs 300 levels, the long-term trends are down. So, in the near-term, the view is that if you have to average, go closer to Rs 220 or take an exit closer to Rs 265-270."

At 15:15 hrs Hindustan Petroleum Corporation was quoting at Rs 811.55, down Rs 5.00, or 0.61 percent. It has touched an intraday high of Rs 828.80 and an intraday low of Rs 809.00.