Buy Tata Global, Divis Labs, Bombay Burmah: Merani

In CNBC-TV18's popular show Bull's Eye, Nooresh Merani, AMSEC Research shares his trading strategies for the day.

Buy Tata Global. The stock made double bottoms in the band of Rs 120-121. The intermediate top in this period is around Rs 135. The stock has crossed Rs 135, moved up to Rs 140-142 and retested Rs 135 levels. The stock is again trying to breakout above Rs 142 which indicates the stock may even head up to Rs 160 in the short-term. One can expect an intraday target price of Rs 146 keeping a stop loss at Rs 136 in this trade. Buy Divis Laboratories. The stock has been attempting to cross above Rs 1,070 levels over the last few weeks. If the stock trades above Rs 1,075 levels we can see a good momentum into the stock. We expect the stock to breakout over the next few days and taking a speculative position at current levels with a stop loss at Rs 1,040. An intraday target price would be at Rs 1,085. Buy Bombay Burmah. The stock given a breakout above Rs 124-125 levels. Once it sustains those levels we can expect a move towards Rs 135 in the short-term. One can keep a stop loss at Rs 118 and expect a target price of Rs 135 in this trade. Sell Biocon. The stock made a lot of attempts around Rs 295-300 levels to give a breakout which did not materialize. The stock has broken down below Rs 280 levels which indicates the stock may head up to Rs 260 levels in the short-term. This could be a trade with a perspective of next two to three sessions and a target price of Rs 272 in the day and a stop loss at Rs 282.