In CNBC-TV18's popular show Bull's Eye, Manav Chopra of Nirmal Bang shares his trading strategies for the day.
One may buy Allahabad Bank. The stock, since past couple of trading sessions, on the intraday charts has formed an accumulation pattern indicating that Rs 73 and Rs 74 is a strong support clusters for this stock. One should maintain a buy on dips approach, keep a stoploss of Rs 73.50 for an upside target of Rs 78.
One may buy Muthoot Finance. The stock after a short-term decline has breached its falling trend line which has confirmed a short-term trend reversal. The momentum on the stock is very positive. We recommend a buy on dips, keep a stoploss of Rs 160 for an upside target of Rs 180.
One may buy Indiabulls Real Estate. The stock has observed a sharp decline since past couple of weeks and since few trading sessions the stock has been consolidating and has been forming a base. The momentum indicators are also indicating short-term positive bias as the prices manage to close above its short-term averages. We recommend a buy in this stock with a stoploss of Rs 46 for an upside target of Rs 50.
One may buy Asian Paints. The stock since past six months has been in a short-term decline and the overall decline has been in a correction phase. The stock has also taken support near its important Fibonacci clusters and the overall parameters on the high timeframe charts have entered into the overall zone. We recommend a buy with a stoploss of Rs 465 for an upside target of Rs 485.
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