Buy Persistent Systems, MindTree, MCX: Merani

In CNBC-TV18's popular show Bull's Eye, Nooresh Merani, AMSEC Research shares trading strategy of the day.

Buy Persistent Systems. Maintaining my bullish stance on the midcap IT space and Persistent being one of the favourites I continue to expect a medium-term target price of Rs 480-500 and any dips to Rs 415 to Rs 410 levels as a buying opportunity keeping a stop loss at Rs 400. The stock has recently given a good breakout above Rs 415 levels, so any retracement to those levels would be a buying opportunity.

Buy MindTree. The stock has given a breakout above Rs 715 to Rs 725 levels. The stock is in a highly bullish trend and we can expect the move to continue towards Rs 785 to Rs 800. My intraday target price for the stock would be Rs 785 keeping a stop loss at Rs 725.

Buy MCX. The stock has given a small cup and handle breakout above Rs 1,200-1,220 levels. The stock is a momentum pick and we can expect a quick move to Rs 1,300 in the day and a level of Rs 1,400 in the next 2-3 sessions. Dips to Rs 1,230 would be a buying opportunity keeping a stop loss at Rs 1,200.

Buy Gujarat Fluoro. The stock has made two to three bottoms in the zone of Rs 320-340. The intermediate highs in this period were around Rs 365 levels. Yesterday the stock has closed well above Rs 365 with good volumes.