Buy HDFC, OBC, M&M, Yes Bank: Parag Doctor

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

Housing Development Finance Corporation (HDFC) has corrected recently from a high of Rs 780 and it has found support around Rs 740 levels. The stock has started an intermediate uptrend and expected to move to immediate target around Rs 777 and can be bought with a stop loss of Rs 752. If it crosses resistance around Rs 780 levels then is expected to move to a medium-term target around Rs 800 levels with the long-term base of the stock being between Rs 700 to Rs 720. Mahindra and Mahindra (M&M) has formed a base around Rs 820 levels and now has started an uptrend. The stock has resistance around Rs 880 levels and if that is crossed a medium-term target around Rs 900 levels is possible. The stock can be bought with an immediate stoploss of Rs 842 and a target of Rs 872. Oriental Bank of Commerce (OBC) has passed resistance which was there around Rs 300 levels. The stock is headed higher to immediate target of Rs 321 and can be bought with a stop loss of Rs 304. If OBC crosses a resistance around Rs 325 levels then a medium-term target around Rs 340 is possible with a base of the stock being between Rs 280 to Rs 290 levels. Yes Bank is trading at a new historic high after having broken passed resistance which was there around Rs 400 levels. The stock is headed higher to immediate target around Rs 424 and can be bought with a stop loss of Rs 404. It could head higher to a medium-term target around the Rs 440 levels with the base of the stock being around Rs 380 mark.