Buy Tech Mahindra, NBCC, PTC India: Merani

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

Buy Tech Mahindra. The stock has given a major breakout above Rs 1050 which gives us a short-term target price of Rs 1200. Yesterday the stock could not catch-up momentum but we expect the stock to catch momentum over the next few sessions. One can expect an intraday target price of Rs 1130 and target of Rs 1200 in the short-term, a stop loss to be placed at Rs 1060.
Buy National Buildings Construction Corporation (NBCC). The stock is at 61 percent retracement of the last move and the last major move started from Rs 110-120 levels. So we expect this area to be a good entry point for a medium term investor as well. A good short-term bounce could be expected towards Rs 145 and a stop loss to be placed at Rs 125. Longer term target price for the stock could be around Rs 180 plus.
Sell Steel Authority of India (SAIL). The stock continues to make new lows and is in a momentum so this could be a day trade with a target of Rs 66 and stop loss at Rs 70.
Buy on PTC India with a target of Rs 65 and stop loss at Rs 60. Disclosure: I don't have holdings in any stocks discussed but may have recommended them to clients.