Go long on Firstsource, Dena Bank; sell RComm, Exide: Tater

In CNBC-TV18's popular show Bull's Eye, Aashish Tater of FortuneWizard.com shares his trading strategies for the day.

One may go long on Firstsource Solutions for a target of Rs 13.80 and a stop loss of Rs 13.15. It has now been in a huge volume breakout and we feel on technical basis it is a pure technical call. The stock should test target of Rs 15 in the short-term perspective.
One may go long on Dena Bank. It has been range bound between Rs 68 zone and Rs 71 zone and with yesterday's breakout, we feel the stock is now likely to test Rs 75.50 from short-term perspective.
One may sell Reliance Communications (RComm) as the stock will go and test Rs 92 mark from medium term perspective. From short-term perspective we are keeping a target of close to Rs 130 with a stop loss of Rs 149.50. The stock pattern is similar to what happened to Reliance Power from January to March 2012 quarter and thus we feel a 40 percent of the total retracement is likely possible from the next 15-20 days perspective so it is a safe short from our side.
One may sell Exide Industries for a target of close to Rs 116 with a stop loss of Rs 123.50 on closing basis. We expect the result to be muted and thus with this result, in terms of miss out of top-line will definitely be seen negative by the markets. However, we are bullish on Exide from long-term perspective and any dip around Rs 115-116 mark should be taken as a positive bet.