Buy Yes Bank, PFC, United Phosphorous: Nooresh Merani

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

My first stock call is a buy on Yes Bank. The stock is testing its 200 day moving average and is reversing from the current levels. We expect the stock to retest the last breakdown point of Rs 505-510. This could be a trade for next two-three sessions keeping a stop loss at Rs 470.
My second stock call is a buy on Power Finance Corporation. The stock has fallen in a straight line and is heavily oversold at current zone of Rs 160-165. This has also been around support for last one-two years. We can expect the stock to head all the way back to Rs 190 levels in the short to medium term. This could be an intraday trade with a target price of Rs 175 and a stop loss at Rs 160.
My third stock call is a buy on United Phosphorous. The stock was moving in the range of Rs 110-130. Post that it gave a strong breakout towards Rs 165 levels. Since then, the stock has corrected back to Rs 135-140 zones. This could be a retest of the previous breakouts. From this zone, we can again expect the stock to head back towards Rs 165 in the medium term. This could be a good entry point for a short term trade with a target price of Rs 146 and a stop loss at Rs 134.
Last stock call is a buy on Karnataka Bank. The stock remains in a long term uptrend and the current correction has a lot of support around Rs 130-135 band. The stock has started reversing from the same zone. We can expect the stock to head up towards Rs 160 and even Rs 200 in the long term. One can expect an intraday target price of Rs 146 keeping a stop loss at Rs 133 for this trade.