In CNBC-TV18's popular show Bull's Eye, Pankaj Jain, Sunteck Wealthmax shares trading strategy of the day.
Long on Uttam Galva. What we have seen in the stock is that this stock has already appreciated by more than 50 percent in last nine trading sessions and the stock has seen very serious volumes in last few days. The volumes in today’s session were extraordinarily high and the stock is already trading at new 15 months high and the kind of positive momentum we have seen around the stock, I feel that the stock could be headed much higher. Taking that in to consideration, I have gone long on this stock with a target price of Rs 106.75 for the day.
Long on JM Financial. What we have seen in this stock, this stock had appreciated from levels closer to Rs 17-17.50 to levels beyond Rs 25 in month of December and early January. Thereafter, stock went into a corrective mode and stock had a decent correction of 68 percent from levels closer to Rs 25 to levels closer to Rs 19. Taking the fact that we could see some kind of positive announcements by RBI, we believe that stock is again heading northwards and on a short-term basis could be headed to levels closer to Rs 23. However, for the day my target is Rs 21.75.
Long on Anant Raj Industries. Even this stock has corrected from levels above Rs 100 to sub Rs 80 and one of the reasons was strong correction in realty stocks post HDIL news. We feel that Anant Raj is one of the better realty stocks and most of the decent realty stocks by and large on a broader platform are in positive territory.
Short Opto Circuits. This stock has been one of the more serious underperformer in year 2012 when even in this year; it has been one of the most serious underperformers. There have been serious allegations of mismanagement, of poor corporate governance and some shades of financial irregularities in the company and investors are dumping the stock and very high levels of unexplained loans and receivables in the balance sheet is a matter of serious concern.
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