In CNBC-TV18's popular show Bull's Eye, Pankaj Jain of Sunteck Wealthmax shares his trading strategies for the day.
One may go long on IVRCL. We have seen a smart pullback in this stock in last two days after the stock was beaten out of shape in the June series. Stronger volumes were seen in this stock yesterday also. One of the reasons could be that the stock is moving out of the F&O series from today. So shorting opportunity may not be all that available to the viewers for this stock. Apart from that, the company is seriously talking of selling of stakes in some of its highway projects in Tamil Nadu and Andhra Pradesh.
One may go long on Jaiprakash Power. Significant pullback was seen in Thursday's trading and the stock closed almost at day's high. The kind of backward momentum was seen in RSI indicators suggests that the pullback is not complete and the stock could move little bit higher in today's trading sessions.
One may go long on Oil India (OIL). Cabinet Committee on Economic Affairs (CCEA) having approved Rangarajan Committee's recommendations for gas pricing and it seems that gas prices could be significantly increased in the coming financial year. We believe all these stocks like Oil and Natural Gas Corporation (ONGC), OIL, Reliance Industries (RIL) could move much higher in today's trading session. However, for the day we have put OIL as a long call.
Forth and final call is long call on HDIL. In Thursday's trading, most of these real estate stocks were showing signs of some kind of a pullback and with the kind of positive momentum expected in the markets today, HDIL gave a smart recovery Thursday. One of the reasons could be that the Maharashtra government has increased FSI (floor space index) for slum redevelopment projects. We know that HDIL is one of the integral partners for slum rehabilitation projects. So taking that into the background the general momentum would be positive around real estate stocks today. We have gone long on HDIL for the day.
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