Buy Amtek Auto, Glenmark Pharma, sell HDIL: Parag Doctor

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

Amtek Auto has a very strong base between Rs 70 and Rs 80 levels and has broken past the immediate resistance around Rs 80 with strong momentum. The stock is headed higher to immediate targets around Rs 86 levels and can be bought with a stop loss at Rs 81. In the medium-term, the base formation in Amtek Auto is likely to propel the stock higher to a medium-term target around Rs 95 levels.

Glenmark Pharma has been outperforming the rest of the pharmaceutical stocks and has been making new 52-week highs. The stock has again shown strength and has made a fresh breakout. In the immediate term, the stock is headed higher to a target of Rs 507 and can be bought with a stop loss of Rs 489. The base formation in Glenmark Pharma is around Rs 470 levels and this is likely to propel the stock higher in the medium term to a target between Rs 530 and maybe even upto Rs 540 levels.

HDIL has been struggling in the recent past and facing strong resistance around Rs 115 to Rs 120 levels. The stock has started a downward trend and is likely to go to immediate target around Rs 104 and can be sold with a stop loss of Rs 110. In the medium-term even lower levels in HDIL around Rs 95-100 levels are possible.

Reliance Power has been struggling for quite some time and is in a downward trend. The stock is facing strong resistance between Rs 100-105 levels and can be sold with a short-term stop loss around Rs 95 levels and immediate target at Rs 90. In the medium-term, the stock he headed lower to a target between Rs 85 and Rs 87 levels.