In CNBC-TV18's popular show Bull's Eye, Pankaj Jain, Sunteck Wealthmax shares trading strategy of the day.
Buy Raymond with stop loss at Rs 475, target price of Rs 505. Since the time stock has crossed that Rs 415-430 congestion zone, we have seen a rapid rise in the stock and yesterday also the stock was on the move and we believe that this move along with the positive momentum in the market could take the stock to levels closer to Rs 525 in short-term.
Buy IDBI Bank with stop loss at Rs 111, target price of Rs 121. IDBI Bank – not to forget – benefits from the large stake it has in CARE which is coming up with IPO. Along with that what we have seen that once passed that congestion zone of Rs 108-110 which was its March-April high, IDBI Bank could be headed to levels closer to between Rs 120 and Rs 125 on a short-term basis.
Buy Jai Corporation with stop loss at Rs 66.90, target price of Rs 75 for the day. On technical ground, stock closed above its Rs 200 DMA, which falls at around Rs 65-66 so taking positive momentum volume breakout in the stock we believe that this positive momentum would continue in the stock in Tuesday’s trading session.
Buy DCB with target there is at about Rs 54 and a stop loss at about Rs 48.
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