In CNBC-TV18's popular show Bull's Eye, Meghana Malkan of malkansview.com shares her trading strategies for the day.
One may buy Bata India. The counter has been trading at all time high level. It has been consolidating at Rs 1,060 level for the past few trading sessions. It has now moved and closed above it, so I would recommend going long in Bata with a stoploss of Rs 1,055 and target of Rs 1,095.
One may buy Andhra Bank. It has formed a bullish candlestick pattern in yesterday’s trading session. Relative strength index (RSI), which was moving in sideways zone for more than two months, has now moved into the bullish zone. Therefore, recommend going long in Andhra Bank with a stoploss of Rs 63 and a target of Rs 67.
One may buy Biocon. The stock has been trading at all time high levels and after moving up with above average volume, there has been consolidation on very dry volume. So I would recommend going long in the stock with a stoploss of Rs 464 and a target of Rs 482.
One may buy Indiabulls Real Estate. The stock has formed a bullish candlestick pattern with above average volumes in yesterday’s trading session. RSI has moved above Rs 60 level after a long consolidation, so I would recommend going long on Indiabulls Real Estate with a stoploss of Rs 72 and a target of Rs 76.
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