Buy Atul, Bata India, MCX India: Agarwal

In CNBC-TV18's popular show Bull's Eye, Abhishek Agarwal, Fortune Interfinance shares trading strategy of the day.

Buy Atul with target price of Rs 285 and a stoploss of Rs 260. Yesterday Atul Ltd. had given excellent set of results where the PAT was up Rs 102% YoY basis and 35% on QoQ basis. Since the results have come after the market hours I expect that today it will catch up with the market.

Sell Raymond. The target price for the same is Rs 325 with a stop loss of Rs 355. Yesterday Raymond had delivered poor set of numbers where it gave a Rs 35 crore of loss on PAT versus a profit of Rs 11 crore. The stock already has shown strong momentum downwards and has been underperforming the indices for quite sometime. I expect to breach the important levels today.

Buy Bata India with a target price of Rs 960 and a stoploss of Rs 890. Bata India is almost trading to its lifetime high and shown great resilience against the market. Today results are expected and I believe it will be better than the street expectation. It’s an intraday call therefore a strong stop loss should be maintained.

Buy MCX India. I have a target price of Rs 1,150 with a stoploss of Rs 1,055. Last quarter trading volumes have been great, both on the commodity and currency exchange. It’s a positive development for MCX India where they are allowed to enter in the equity exchange market. At an EPS of Rs 20 which they delivered last year they are trading above 20 times which is still attractively priced. It’s an intraday call therefore one should follow the stoploss.