Buy Essar Oil, Orchid Chem; short IVRCL: Aashish Tater

In CNBC-TV18's popular show Bull's Eye, Aashish Tater, FortuneWizard.com shares trading strategy of the day.

Buy Essar Oil for a target of Rs 76 with a stop loss of Rs 71. With the same positional stoploss one can go for a target of Rs 85. The company posted good numbers above our estimation and we feel the stock could definitely see higher levels from current levels.
Buy Orchid Chemicals and Pharmaceuticals for a target of Rs 110 with a stop loss of Rs 98. For intraday trade one should maintain a target of Rs 105.6. Yesterday government gave nod to Hospira for FDI approval- Foreign Investment Promotion Board (FIPB) approval where we feel there was an announcement which was done in the last quarter by Orchid Chemical to sell two of its units to Hospira for Rs 1200 crore. So now that nod coming in we feel there would be a momentum in this particular stock for today’s trade.
Short IVRCL January Futures for a target of Rs 42 with a stop loss of Rs 45.65. We feel IVRCL because of global pressure could see some profit booking and the stock should come to the Rs 42 mark where one can again take a longer term view and go long on this particular stock.
Short Punj Lloyd January Futures for a target of Rs 54 with a stop loss of Rs 60. It is one of the stocks where we feel there is hardly any return that can be generated. The stock is looking terrible on charts and we feel every time it goes up and it does not close above this particular significant level of Rs 60-62 it is a very good short for a target of Rs 48 from medium term perspective.