Buy Exide Ind, JSW Energy, Shree Renuka: Tater

In CNBC-TV18's popular show Bull's Eye, Aashish Tater, Fortunewizard.com shares trading strategy of the day.

Buy Exide Industries for a target of Rs 130 with a positional stop loss of Rs 117. Exide has been vibrating between Rs 115-130, the stock saw some negative reaction post it announced the deal for their non-core business that is the insurance business. However we feel at current prices given that they are likely to raise prices of the battery by 3-4 percent which will be reflected from next quarter there is a likely rerating on the stock. Thus from a tree-four months perspective for 15 percent return one can consider this stock as a short-term portfolio bet.
Buy JSW Energy for a target of Rs 58.50 with a stop loss of Rs 55. JSW Energy is vibrating between Rs 54-60 zone and with the market actually trying to recover till 5620, all these candidates will definitely see some short covering. Thus the stock should go and test the Rs 58.50 mark.
Buy Shree Renuka for a target of Rs 25.30 and stop loss of Rs 24.40. Yesterday there was some source based information where the ethanol blending deal was announced. Anyways we feel that sugar cycle is the best to invest into at current levels from 12-18 months perspective and given Shree Renuka is a trading stock we feel this will be likely in momentum even in today’s trade.
Short Reliance Communication with a target of Rs 70-73 eventually and once the target is achieved we feel that around Rs 75 mark there would be lot of supply on this particular stock. One can go short on this particular stock around Rs 75-76 with a stop loss of Rs 78 on closing basis for a target of Rs 70. This is a buy on dips stock and the ones who are looking for actually buying it more at lower levels or even entering, we feel that Rs 67-68 zone will be a very good level to enter at. So either ways the stock looks very good from short to medium term perspective. However for intraday we expect some profit booking on the stock.