In CNBC-TV18's popular show Bull's Eye, Parag Doctor of Keynote Capital shares his trading strategies for the day.
Allahabad Bank has made a multiple bottom formation around Rs 120 and now has started a medium term uptrend. The stock can be bought with a stop loss of Rs 120 and a target of Rs 135 which is an immediate target. If that level is crossed then in the medium term Allahabad Bank could test its longer term resistance which is around Rs 145 levels.Buy Syndicate Bank. It has been an outperformer in the PSU banking space. The stock has been trading above its 200 day moving average and has broken past resistance which was around Rs 130. Syndicate Bank can be bought with a stop loss of Rs 125 and immediate target around Rs 140. If that level is crossed then Syndicate Bank could be testing its 52 week high which is around Rs 145.
Buy LIC Housing Finance which can be bought with a stop loss of Rs 250 and a target of Rs 275. The stock has crossed its long-term 200 day moving average which has triggered a change in its long-term trend. If Rs 275 level is crossed in LIC Housing then the medium term target for LIC could be around Rs 300 which is where the 52 week high is located.
Buy Housing Development and Infrastructure (HDIL) which has been a laggard in the recent months but the stock has now made a strong base around Rs 50 and has started a short-term uptrend. The stock is headed to around Rs 60 and can be bought with a stop loss of Rs 53. In the medium term HDIL can be headed to around Rs 65.
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