Buy Aurobindo Pharma, Bata, sell Canara Bank: Parag Doctor

In CNBC-TV18's popular show Bull's Eye, Parag Doctor of Keynote Capital shares his trading strategies for the day.

Aurobindo Pharma has made a strong medium-term base around the Rs 170 levels where the long-term 200 day moving average is located and it has started a short-term uptrend. The stock can be bought with a stop loss of Rs 180 and an immediate target of Rs 190. The accumulation between the Rs 170 and Rs 180 levels could see Aurobindo Pharma once again testing the 52 week high which is around the Rs 200 to Rs 205 levels. Bata India has given a long term buy signal by crossing the 200 day moving average. The stock has a very strong base between the Rs 750 to Rs 800 levels where it has accumulated for the last several weeks. Bata India is headed to an immediate target around the Rs 900 levels and can be bought with a stop loss of Rs 825. In the medium-term Bata India could head even higher to the 52 week high of around the Rs 950 levels. Canara Bank is part of the PSU banking space which has underperformed the markets for the last several weeks. The stock can be sold with a stop loss of Rs 410 with an immediate target of Rs 385. It has strong medium-term resistance of around Rs 430 to Rs 440 levels which could propel the stock even lower in the medium-term to around the Rs 350 to Rs 360 mark. Indiabulls Real Estate is being part of the real estate pack which has been underperforming the market over the last several months. The stock has strong medium-term resistance around Rs 80 to Rs 85 levels and has started an intermediate downtrend. The stock can be sold with a stop loss of Rs 75 and the immediate target of Rs 65. In the medium-term Indiabulls Real Estate could head even lower to around the Rs 60 levels.