In CNBC-TV18's popular show Bull's Eye, Meghana Malkan of malkansview.com shares her trading strategies for the day.
One may sell Tata Chemicals. The stock is resisting a downward slopping trend line in daily chart. Relative strength index (RSI) too on daily chart is not able to move above Rs 60 levels, hence a sell call with a stoploss of Rs 269 and a target of Rs 257.
One may sell Allahabad Bank. After a sharp downtrend from Rs 85 to Rs 75 levels, the stock has been consolidating in a tight range for about six-seven trading sessions last week. It is now continuing its downtrend further, hence a sell call with a stoploss of Rs 74.50 and a target of Rs 70.60.
One may buy Aban Offshore. We have seen a small retracement in the stock after a very strong upmove. The stock is again attempting to continue the upmove from Rs 480 levels. Hence I would recommend going long in Aban at this level with a stoploss of Rs 500 and a target of Rs 532.
One may sell Reliance Power. It formed a bearish candlestick pattern yesterday closing at the bottom of the trading session, momentum indicators are also in the respective bearish zones hence a sell call with a stoploss of Rs 62 and a target of Rs 57.50.
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