Mar 08, 2013, 01.56 PM | Source: CNBC-TV18
In CNBC-TV18's popular show Bull's Eye, Nooresh Merani, AMSEC Research shares trading strategy of the day.
Nooresh Merani (more)
Technical Analyst, Asian Market Sec | Capital Expertise: Equity - Technical
Buy Apollo Tyres , The stock has given a cup and handle breakout and it had multiple tops in the range of Rs 90-91. The stock has broken above Rs 91 with decent volumes yesterday. We expect the momentum to pick up in the next couple of sessions. We can expect a target price of Rs 98 in the next two to three sessions. One can keep a stop loss at Rs 88 for this trade.
Buy Hexaware Technologies . The stock had taken a huge correction in the last three-four months. Post that it has been making a basing out formation with multiple tops around Rs 90. Yesterday the stock has crossed Rs 90 and we can expect a quick move towards Rs 96 in the next one to two sessions. One can take a trade with a stop loss at Rs 87 and a target price of Rs 96 in the short-term.
Buy Aditya Birla Nuvo . Maintaining the bullish stance on the stock and a base around Rs 1,030-1,050 we can expect a long-term target price of Rs 1,500 and current levels would be a good time for an investor to accumulate. An intraday target price for the stock would be Rs 1,090 and a stop loss at Rs 1,030.
Buy Crompton Greaves . The stock had multiple bottoms around Rs 100-105 over the last six-eight months. The stock did give a breakdown on the downside, but we did not see a huge selloff which indicates it could be a false move. Once the stock starts bouncing towards Rs 108 which is expected in the next two to three sessions, that is the trade we are looking at and once that is taken off we could be looking at a long-term reversal. One can buy the stock at current levels keeping a stop loss at Rs 93 and a target price of Rs 108.
Nifty has support at 8160 and resistance at 8300 w
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Apollo Tyres has a similar Global Research and Dev