Buy Hexaware Tech, SAIL, REC: Pankaj Jain

In CNBC-TV18's popular show Bull's Eye, Pankaj Jain of Sunteck Wealthmax shares his trading strategies for the day.

One may go long on Hexaware Technologies. The news of Baring PE Fund buying controlling stake in the company at higher price of Rs 135 should act as a strong catalyst for the stock to move up in a higher trajectory zone in today's trading session and the stock has been moving up after consolidation at levels closer to Rs 80 for last two months. Most of these good midcap technology stocks should see some kind of action hereon riding on roaring dollar and improving economic condition in US.
One may go long on Steel Authority of India (SAIL). The kind of momentum that was seen in most of these metal related stocks including SAIL, we believe that this positive momentum would continue. These material stocks are again riding on because of what is happening in rupee-dollar scenario and some improved data from China. Taking technicals into consideration it has moved past 20-DMA and closed just a shed above 50-DMA. We believe that stock is showing very strong signals on monthly charts and could be headed to levels closer to Rs 52 in next week or 10 days.
One may go long on Rural Electrification Corporation (REC). We have seen strong pullback in this stock from levels closer to Rs 150. We have seen a very strong pullback. The kind of momentum indicators that have been seen in the stock and delivery based buying had been strong in last 3-4 days and taking into consideration that short-term moving averages sort of reflect that the stock could be headed much higher in next 2-3 trading sessions and market momentum is also seemed to be favouring positiveness which is surrounding the stock.