Buy Tata Motors (DVR), JP Power; sell Idea Cellular: Malkan

In CNBC-TV18's popular show Bull's Eye, Vishal Malkan of malkansview.com shares his trading strategies for the day.

One may buy Tata Motors (DVR). It has given a smart move from Rs 120 to Rs 150 in last one week and it has retraced from Rs 150 to Rs 140 levels, which is a buying opportunity. The upmove was with huge volume forming bullish candlestick pattern on daily as well as weekly charts. For today, I have a stop loss of Rs 142 for targets of Rs 150.

One may buy Jaiprakash Power. It has seen huge accumulation in terms of volume between the price of Rs 9 and Rs 12 in last few days forming bullish candlestick pattern as well as weekly charts and momentum is entering into bullish zone. So, I expect it to continue on the upside. For today I have a stop loss of Rs 12.90 for targets of Rs 14.25.

One may sell Idea Cellular August futures. It has a huge resistance at Rs 175 levels. It has gone there couple of times and retraced back forming bearish candlestick pattern as well as daily and weekly charts. I recommend a sell for today with a stop loss of Rs 170 for targets of Rs 162.

One may sell Shriram Transport Finance Corporation futures for August. It has formed a bearish candlestick pattern on daily. They have been forming consistently lower tops and lower bottoms on daily charts in last three months and the price has come right from Rs 850 to Rs 550 levels and I expect it to continue on the downside.