Sell Canara Bank, Reliance Comm, Reliance Power: Doctor

In CNBC-TV18's popular show Bull's Eye, Parag Doctor of Keynote Capital shares his trading strategies for the day.

Jubilant Foodworks has been forming a strong base around Rs 1,000 levels for the last several weeks. The stock has developed a positive divergence on the oscillators and can be bought with a stop loss of Rs 1,020 and a target of Rs 1,100. In the medium-term, if the Rs 1,100 resistance is crossed, the stock could be headed higher to around Rs 1,200 mark, which is where the 200 day average is located. Canara Bank has been a weak counter in the public sector undertaking (PSU) banking space and has been struggling to cross its 200 day average, which is around Rs 422 levels. The stock can be sold with a stop loss of Rs 425 and a target of Rs 390. The stock is part of the PSU banking space, which has been underperforming offlate. Reliance Communications after a spectacular run, which has resulted in the stock doubling in the last few months, is now facing selling pressure around Rs 110-112 levels. The stock has given a sell signal in the oscillators after breaking past its RSI moving average. RCOM could be headed lower to around Rs 100 levels and can be sold with a stop loss of Rs 110. In the medium-term, RCOM could be heading to around Rs 85-90 levels where stronger support could emerge. Reliance Power had a good move from Rs 60 levels to around Rs 80 levels in the last few weeks where selling pressure is developing. The stock is headed lower to around Rs 73 levels and can be sold with a stop loss of Rs 80. RPower could be headed lower to around Rs 70 levels in the medium-term.