Buy Dabur, Tech Mahindra, Biocon, Finolex Cables: Merani

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

One can buy Dabur India. The stock has given a triangle breakout around Rs 155-160 zone. After a good move to Rs 173-175 the stock is retesting the support zone. One can buy the stock at this retracement with a target price of Rs 166 in the day and a stop loss at Rs 157. One can buy Tech Mahindra. The stock continues to be top pick in the IT sector. It has given a cup and handle breakout and the pattern has been lasting for the last two years. One can expect the stock to go towards Rs 1,500 to Rs 1,800 in the long-term. One can buy the stock every dips with a longer-term view. In the short-term we can expect a move towards Rs 1,300. One can keep a stop loss at Rs 1,190. One can buy Biocon. The stock has been a big underperformer in the pharma segment and has been consolidating in the band of Rs 250 to Rs 330 over the last 1-2 years. The stock has finally given a triangle breakout which has a implication of Rs 400 levels in the medium-term. One can buy the stock at current levels with a stop loss at Rs 305 and an intraday target price of Rs 335. One can buy Finolex Cables. The stock saw a good volume based up move towards Rs 60-65 zone and has retraced back. On the longer-term it has been in a big contraction which we expect to explode over the next few weeks. One can buy the stock at current levels with a stop loss at Rs 48 and a target price of Rs 56 in the day.