Buy Tech Mahindra, Mahindra Satyam: Merani

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

Sell L&T with a target price of Rs 1350 and a stoploss at Rs 1400. The stock has made a double top around Rs 1430-1440 levels and it has broken the intermediate lows. So, we can expect a correction in the zones of Rs 1300-1350. My intraday target price for this would be Rs 1350 and given the fact that it’s a momentum trade we will keep a strict stop loss at Rs 1400. Buy Tech Mahindra with an intraday target price of Rs 720 and a medium target price of Rs 800. The stock has given a huge cup and handle breakout around Rs 680-700 levels. The stock did move up to Rs 750 and it has been retesting those support levels of Rs 690-700. At this area it would be a good buying opportunity keeping a stop loss at Rs 685 and looking towards a target price of Rs 720 in the day and a medium target price of Rs 800 plus. Buy Mahindra Satyam with an intraday target price of Rs 86 and a medium target price of Rs 100. Maintaining my bullish stance on the stock and given the fact that the stock is finding a lot of support at Rs 78-80 levels which is the previous breakout point we would expect the stock to continue to find support at this levels and jump up to Rs 86 anytime. Buy Godrej Industries. The stock has made a good bottoming out formation around Rs 230 and has not fallen even in a falling market. What we see is a good support around Rs 245-250 where one can initiate a buy position with a stop loss at Rs 240, an intraday target price of Rs 259 and a medium term target price would be placed at Rs 280 for the stock.