Buy Reliance Power, Bata, Indraprastha Gas, PFC: Malkan

In CNBC-TV18's popular show Bull's Eye, Vishal Malkan of malkansview.com shares his trading strategies for the day.

The reason why I have chosen Reliance Power is because Reliance pack is moving up in the last few days showing some momentum. It has formed bullish candle stick pattern on weekly chart with huge volumes, closed above the high of Rs 75 levels. I recommend a buy with a stop loss of Rs 75.50 with target of Rs 81. One may buy Bata India because it has managed to close above the levels of Rs 875-890 on a closing basis after a steep decline in the month of June. Weekly, monthly momentum is showing bullish. I recommend a buy with a stop of Rs 875 for targets of Rs 935. One may buy Indraprastha Gas (IGL) because it has just entered on a daily basis. Momentum is on the bullish side. It has closed above the resistance of Rs 285. Weekly momentum is bullish. I recommend a buy with a stop loss of Rs 283 for target of Rs 305 for the short-term. Fourth pick is Power Finance Corporation (PFC). It has given a sustained decline from Rs 200 levels to Rs 130 levels where it has formed to manage double bottom on a daily basis. It has shown some bullish candle stick patterns on weekly charts with good volumes. I recommend a buy with a stop of Rs 147 for target of Rs 157.