Buy IDFC, Sterlite Ind, ONGC: Merani

In CNBC-TV18's popular show Bull's Eye, SP Tulsian, sptulsian.com shares trading strategy of the day.

Buy IDFC. Continuing with my bullish stance from yesterday I expect the stock to do Rs 180 in the next three to four months. The stock is very close to its breakout point above Rs 145 and with the last couple of days we are seeing good movement into the stock. Any dips to Rs 140-142 would be a buying opportunity with a stop loss at Rs 138 on a closing basis. This could be a good medium term pick as well. Buy Sterlite Industries with a target price of Rs 117 in the day and a short term target price of Rs 125-130. The stock has been facing a lot of resistance around Rs 114-115 levels for the last two times (check). Yesterday the stock has a made a movement and tried to close above Rs 115 levels, once that is taken out it would be a clean breakout headed to Rs 125-130. Buy ONGC. The stock has been very sluggish for the last few weeks as well as over the last one, one and a half years it has underperformed the markets and has been in a range of Rs 240-300. Nobody expects the stock to move up as such but if you look at the technical pattern every time the stock goes up to Rs 290-300 there is selling pressure and the stock moves down to Rs 240-250. But if we notice for the last two three weeks the stock has been holding in the band of Rs 270-290 which indicates any breakout above Rs 295 we could see a 10-15% jump up and which could be very huge in a very small amount of time. Buy Arshiya International. The stock has made multiple bottoms in the band of Rs 110-120. But the last two days the stock has seen a price movement as well as good volumes which indicates the stock has turned around and could be headed to Rs 160 in the short term. In the range of Rs 128-135 is a buying area with a target price of Rs 160 in the short term and an intraday target price would be Rs 142.