In CNBC-TV18's popular show Bull's Eye, Pankaj Jain, Sunteck Wealthmax shares trading strategy of the day.
Buy Suzlon Energy. The stock has seen major movement and a fresh breakout in Friday’s session. Volumes were highest seen in last two and a half years in this stock. This breakout was on the basis of restructuring passage by CDR sale, Rs 9,500 crore of domestic debt is now restructured and for next two years, company has some extra building space.
Buy Unitech with a stop loss at Rs 34.80 and target price of Rs 38.30. Post cyclone of HDIL, sanity seems to be coming back to most of the decent realty stocks and the kind of positive momentum we have seen in Unitech Ltd in last three-four months and kind of appreciation we have seen in this stock, we believe that on a short-term basis, on next three-four months kind of platform, stock is heading to levels closer to Rs 45 and the kind of correction we have seen because of HDIL news, we believe that again Unitech is moving in a northward fashion.
Buy SREI Infrastructure with a target price of Rs 37.95. This has been a very volatile stock doing very strong high beta tendencies. In last three-four months, stock has moved from levels closer to Rs 25-26 to levels closer to Rs 51 and again back to levels closer to Rs 33-34. What we have seen is that 68 percent retracement from levels close to 50-51 is over and the stock could again be seen appreciation and could be headed levels closer to Rs 41-42 in next few weeks.
Buy Syndicate Bank with a target price of Rs 140 for the day and among the mid-cap PSU banks, we believe Syndicate Bank is one of the strongest banks both in terms of management as well as balance sheet. The kind of performance the stock has shown in last four-five months, stock has moved from levels closer to Rs 95 to levels closer to more than Rs 130 and this rise has been a very steady rise. All along stock had been hovering above 20 day moving average (DMA) most of the times and there was no erratic movement during this period.