In CNBC-TV18's popular show Bull's Eye, Pankaj Jain of Sunteck Wealthmax shares trading strategy of the day.
Long on Jindal Saw. What we have seen in this stock that after having corrected quite a lot till about month of May-June, last four months this stock had been sort of moving in plateau of Rs 110-125. That is the range where it had been consolidating and what we have seen in past few trading sessions the stock has moved very significantly and the volumes on stock has also been very high and we believe that this stock is surely moving towards its 200 DMA which falls closer to Rs 136-137.
Long on Dhanlaxmi Bank. What we have seen in this stock that this stock go past its 220 DMA which almost fall on each other on Muhurat Trading day. A very significant volume breakout has been seen in this stock and this is one of the private sector bank which is a very active and strong takeover candidate. Taking these things into perspective and the kind of volume breakout we have seen technically as well as fundamentally the stock look poised to move northwards much higher and we have a target price of closer to Rs 67 for the day.
Long on Hanung Toys. What we have seen in this stock is this stock has already appreciated by closer to 30-33 percent in last 15-16 trading sessions and the volumes have been very heavy in this counter and the kind of ladder pattern we have seen in this stock we believe that on sort of a platform of say 1-3 months kind of things this stock is heading to levels closer to Rs 190-195 and the kind of volume breakout we have seen in this stock we believe that this stock could be heading much higher.
Long on Welspun India. What we have seen in this stock that this stock had been sort of stagnant, stuck in range of Rs 50-55 for last 4-6 months and the volumes had been very insignificant during this time. What we have seen in last 5-7 trading sessions the volumes have become much more respectable and much significant than its average volumes of last 3-4 months.
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