Buy Canara Bank, TV18 Broadcast, Rel Comm: Lancelot D Cunha

In CNBC-TV18's popular show Bull's Eye, Lancelot D Cunha, Sharyans Wealth Management shares his trading strategies for the day.

One can buy Peninsula Land with a target of Rs 45.90 and stop loss of Rs 40.30. The stock has been sold off on fears of real estate segment slowing down. However, the company has performed very well in the last quarter and I expect that a bit of short covering as well as interest rate buying is taking place. The stock has broken out on large volumes and the momentum should continue and should move to its target price of Rs 45.90.
One can buy Canara Bank with a target of Rs 392. Canara Bank had sold off all the way down to Rs 348 and has seen significant buying thereafter in line with all the other public sector undertaking (PSU) banks that have seen interest rate buying. Since the stock has moved up on large volumes I expect the momentum to continue and should hit its target of Rs 392.
One can buy TV18 Broadcast with a target of Rs 26. TV18 has recently launched new channel which could be positive for the company and it has moved up in line with the market sentiment as well as on large volumes. I expect the momentum to continue and to take it to its target of Rs 26.
One can buy Reliance Communications (RComm) with a target of Rs 137.50. The stock has moved up with significant volumes, there could be a significant amount of short covering and the fact that the telecom authority is likely to allow RComm to continue with its dual licensing strategy is positive for the company. Buying momentum could continue and we could see it hitting its target price. Disclaimer: Moneycontrol.com and Television Eighteen Network are both part of the Network18 Group.