Jul 12, 2012, 08.23 AM | Source: CNBC-TV18
In CNBC-TV18's popular show Bull's Eye, Ashish Tater of Fort Share Broking shares trading strategy of the day.
I am going long on IGL for a target of Rs 260 however we are bullish on this particular stock for a target of close to Rs 275 from short-term perspective. We feel with recent hike the stock would definitely be in limelight and on risk-reward front this is a positive bet from our side despite poor global market outlook for today’s trade.
I am going long on Petronet LNG for a target of Rs 152. The Petroleum and Natural Gas Regulatory Board (PNGRB) overhang has already been resolved and the stock should trade to those previous levels when the company actually came into soup because of these kind of troubles which was unruling in favor of PNGRB. Thus go long on this particular stock with a target of close to Rs 152 odd with a closing stop of around Rs 144.
I am going long on Glodyne Technoserve. We feel that subsidiary of the stock recently has been awarded USD 42 million contract and going forward there is a strong possibility that the company would be getting more such contracts which will make it a very attractive play. The stock right now hovers around at 6-7 PE multiple. Though the stock looks fairly priced, but we still feel that given that Rs 380 level is not getting breached the stock would go and test that Rs 450 because of these kind of new contracts that the company is getting.
We are going to short Wipro Ltd. for a target of close to Rs 375 odd levels. We feel that Wipro, Infosys and TCS, the IT majors might be in some kind of valuation contraction in days to come because of the bring back home job policy from US which can be announced. Very recently they have been focusing on getting job back to home and that is going to be a serious threat for companies which have huge outsourcing contracts, something like Infosys, Wipro and TCS.