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Last Updated : Sep 09, 2015 01:52 PM IST | Source: CNBC-TV18

Here are Manav Chopra's top trading ideas

Watch the interview of Manav Chopra of Networth Stock Broking with Latha Venkatesh and Reema Tendulkar on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.


Watch the interview of Manav Chopra of Networth Stock Broking with Latha Venkatesh and Reema Tendulkar on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.

Below is the verbatim transcript of Manav Chopra's interview with CNBC-TV18

Axis Bank

"What we have observed is that Axis Bank has already seen a decline from its peak of Rs 600 and has seen a good bottom close to levels of Rs 450-455. Looking at the overall strategy, we are expecting a 50 percent retracement of its recent fall which is giving us an upside target of Rs 520 which can also be extended towards the levels of Rs 550."

"Looking at the overall scenario, Axis Bank has completed its 5-wave decline and the stock has rebounded from its oversold levels with a good formation. If you look at the chart of Axis Bank, since past one or two years we have seen a good corrective rally in the stock of at least 20 percent and from there we have seen a very good rebound rally. So at these levels it is providing a good risk-reward ratio. So, with a stop loss of Rs 475, we can expect an upside target of Rs 520 in the short-term and from a medium term perspective even Rs 540 is possible," he said.

Glenmark Pharma

"Glenmark Pharma has already declined from its recent peak and the prices have tested its long-term moving averages. The overall trend for the stock is up since last 4-5 years and historically whenever the stock has tested its long-term moving averages we have seen a good healthy rally in it. "

"At these current level, as the prices are trading near its oversold territory and its lower range of the price charts, so the stock has an important support close to levels of Rs 1,020. So, we are recommending a buy in Glenmark with a stop loss of Rs 1,000 and we expect an upside target of Rs 1,120," he said.

Castrol India

"Castrol India has tested its weekly support of Rs 420-410 and the prices have managed to sustain above these levels since last one and half years. Looking at the overall formation on the daily charts and with the momentum indicators also having entered into a buy mode, we are expecting a good rally in the stock from the near term perspective. The breakout today has accompanied by above average volumes after a short-term consolidation."

"In the near-term we are expecting the stock to rise close to levels of Rs 480 which is an important Fibonacci cluster and the stock has important short-term support on intraday chart close to levels of Rs 430. So one can buy this with a stop loss of Rs 425 on a daily basis," he added.

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First Published on Sep 9, 2015 12:57 pm
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