Go long on SpiceJet, Hexaware; sell RComm: 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 Southern Petrochemical Industries Corporation (SPIC) where we feel a target of Rs 12 is likely achievable. We have seen what is happening to Mangalore Chemicals' takeover saga and we feel even this is one stock that will go and rally to Rs 14.50-15.50 mark from short-term perspective. However, for intraday one can take a tight stop loss around Rs 10.55 and a target of Rs 12. One may go long on SpiceJet for a target of Rs 29 and the stop loss of Rs 27.40. We feel at current levels, SpiceJet is an investment bet and in eventual days. It will be testing that Rs 38-40 zone. One may go long on Hexaware Technologies for a target of Rs 99.50 and a stop loss of Rs 96.80. Hexaware Technologies results are expected to be good enough and seeing how Infosys has reacted post its results, since the expectation is muted even on this side, the stock is likely to rally at Rs 115. We have been recommending this stock right from that Rs 84 mark and we are still bullish on this particular stock from medium-term perspective. One may sell Reliance Communications (RComm). We have recently downgraded this particular stock for a target of Rs 92, however for intraday we are putting a target of close to Rs 130 and a stop loss of around Rs 149. In 2012, Reliance Power from January to March doubled from Rs 71 to almost Rs 140 and then the stock corrected almost 60 percent off its highs. Right now the stock is languishing between Rs 70 and Rs 75. We have identified some distribution pattern but still there are statistical things, which are reflecting. The stock might go and test Rs 155-160.