Pankaj Jain of Sunteck Wealthmax advised going long in Thomas Cook, Adani Power, IVRCL and INOX Leisure.
In CNBC-TV18's popular show Bull's Eye, Pankaj Jain of Sunteck Wealthmax shares his trading strategies for the day.
Go long in Thomas Cook (India). We have seen in yesterday’s trading that the volumes were very heavy almost 20 times the regular volumes and one of the catalytic reasons for that was that -- there are news reports which company has not denied -- company maybe planning to monetize their real estate assets in Mumbai and Delhi and that would fetch about Rs 200-250 crore and that would be used as working capital in the company.
Second call is long call on INOX Leisure. In yesterday’s trading we have seen that volumes were strong and stock gave a fresh breakout from that trading zone and with the kind of positive momentum that was seen in the stock in yesterday’s trading we believe that the momentum should spillover in today’s trading and taking this fact into consideration we go long on INOX Leisure.
Long call on Adani Power. In yesterday’s trading most of these power related stocks were buzzing in activity, it does not matter whether there were small time correction, profit booking in market but these stocks were buzzing and close to be the very positive momentum. Adani Power especially closed with very serious positive momentum and taking that fact into consideration, we have gone long on Adani Power.
Long on IVRCL. It is a repeat call with a target price of Rs 23.75. In spite of market taking a breather yesterday and sort of profit booking mode, IVRCL still closed almost at its high point of the day and the momentum was positive, the build up in this stock is positive and we believe that stock is heading much higher on a short-term basis. So taking that fact into consideration, we have gone long on IVRCL for the day.