Buy Hindalco, GMDC, Century Text: Merani

In CNBC-TV18's popular show Bull's Eye, Nooresh Merani, AMSEC Research shares trading strategy of the day.

Buy Hindalco with a target of Rs 126 and stop loss of Rs 118. The stock has made a good base around Rs 115-118 levels and the stock is showing signs of an up move which could go up to Rs 126-130. For the last couple of days the stock has been trying to close above Rs 122-123 and once it sustains that we could see a good move to Rs 130 in short-term. Buy GMDC with a target of Rs 202 and stop loss of Rs 188. The stock has been trying to cross the resistance of Rs 195 to Rs 200 which has been a perennial resistance for the last 1 year. There have been a lot of attempts in this area and the stock comes back after those. We may expect the stock to breakout in the next couple of weeks. One can buy at current levels with an upside target of Rs 220-230 in short term. Buy Century Textile with a target of Rs 330 and stop loss of Rs 310. The stock has been making a good bottoming out formation around Rs 270-290 and apart from that currently the stock looks like it would breakout above Rs 325 levels and head up to previous highs of Rs 350-380 also. Yesterday the stock has shown some movement in the ending minutes which indicates the stock may continue the momentum over the next 2-3 sessions. A medium term target price would be close to Rs 380 Buy IDFC with a target of Rs 142 and stop loss of Rs 130. The stock has been making higher tops and higher bottoms over the short-term. In the near term there have been a consistent higher bottoms and the support is around Rs 127-132. The stock has a bit of resistance around Rs 137-138. Once this is taken off the next target could be closer to Rs 150 in the medium term.