In CNBC-TV18's popular show Bull's Eye, Nooresh Merani of AMSEC Research shares his trading strategies for the day.
One may buy United Phosphorous. The stock has given a triangle breakout above Rs 143-145 levels which gives us a minimum target price of Rs 160 in the short-term and once that is taken of we could be looking at a much higher target. One can buy the stock at current levels with a stoploss at Rs 148 and a target of Rs 160. A longer term target could be placed at around Rs 180-200. One may buy Divis Laboratories. Over the last two-three months the stock tends to get a lot of resistance around Rs 1020-1030 levels. After three-four attempts it seems the stock would breakout in the next attempt in the next couple of sessions. One can buy the stock at current levels as a preemptive trade with a stoploss at Rs 990 with an intraday target of Rs 1070. One may buy Motherson Sumi Systems. This is one of the few stocks which has been making higher tops and higher bottoms and has hit a new 52 week high. The volumes have been encouraging yesterday which indicates there could be momentum in the next couple of sessions. So this could be a quick trade with a target of Rs 255 and a stoploss at Rs 230. One may sell Reliance Communications. The stock has been making higher tops but it is giving a sign of negative divergences on RSI which indicates a short-term top would be in place in the next few days. Any rise from current levels would be a sell but a confirmation on the downside comes once it starts closing below Rs 145. One can short the stock with a target of Rs 142 and a stoploss at Rs 151.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
