Buy Allahabad Bank, PFC, AB Nuvo: Merani

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

Buy Allahabad Bank, The stock has seen a good correction and it has gone into oversold zone. It has been reversing in the last couple of sessions. I expect the stock to retest a level of Rs 149 to Rs 155 in the short-term. This would be a day trade as well as a trade for the next two to three sessions with a stop loss at Rs 139 and a target price of Rs 149.
Buy PFC, maintaining a bullish stance on the stock, the stock has shown good momentum yesterday. I expect the stock to follow up in the next couple of sessions and take a target price of Rs 209 in the day and a stop loss at Rs 198.
Buy Aditya Birla Nuvo. The stock was in the range of Rs 700 to Rs 1000 for the last two-three years- post that the stock did move up to higher levels and is retesting the zones of Rs 1020 to Rs 1050. The stock should bounce back from these levels to an intraday target price of Rs 1080 and a longer-term target price would be around Rs 1500 for the stock. The stop loss for this trade in the day is Rs 1020.
Buy Century Textile. The stock saw good hit from Rs 440-Rs 450 levels to the levels of Rs 310 to Rs 330 zone. The stock is highly oversold. Yesterday it has given a reversal signal. This could be a good day trade with a target price of Rs 340 and a stop loss at Rs 323. The maximum bounce back target would be around Rs 360 to Rs 370 for this trade.