In CNBC-TV18's popular show Bull's Eye, Nooresh Merani, AMSEC Research shares trading strategy of the day.
Buy Aditya Birla Nuvo. The stock remains a favourite for the medium term after it has broken out of a three year channel between Rs 700 to Rs 1000. Any retest to Rs 1050-1070 would be a buying opportunity which was seen a couple of days back. The stock has bounced back from similar levels of Rs 1050-1060. We would expect the stock to inch up higher over the next few days towards Rs 1080 but a medium term target price would be in the range of Rs 1300-1500. The stock could be a good bet for a short-term target of Rs 1180 and a much higher target in the medium to long-term. One can keep a stop loss at Rs 1020 for this trade.
Buy United Phosphorus. Continuing with my stance to be very bullish on the counter for medium term as well as short-term I expect the stock to breakout above Rs 135 in the next few sessions. The stock has been closing well and has been testing the Rs 130 resistance zone. One can accumulate the stock at current levels keeping a stop loss at Rs 122 and a short-term target price of Rs 140 and a medium term target of Rs 170.
Buy Sun TV. This is a favourite for the medium to long-term after it has broken out of a range between Rs 220-360. This gives us a target price of almost Rs 550 in the medium term. Very recently it has been making a flag pattern which has a breakout around Rs 435 levels on a closing basis. So one can accumulate the stock at current levels with a quick target price of Rs 455 and a stop loss at Rs 410.
Buy Berger Paint. The stock has been range bound for the last few weeks and even months to come and it has been in a 15-25 point range for the last three-six months. Very recently the stock gave a breakout above Rs 155, moved up to Rs 164 plus levels. Two days back it has retested the zones of Rs 155 and has bounced back. This indicates a retest has been done and the next move should be headed towards a target of Rs 180-200 in the medium term. One can expect a short-term target price of Rs 170 and keep a stop loss at Rs 150.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
