In CNBC-TV18's popular show Bull's Eye, Meghana Malkan of malkansview.com shares her trading strategies for the day.
One may buy Arvind. The stock has been trading at all time high level. Yesterday it gave a strong close with above average volume. Relative strength index (RSI) is also taking support at Rs 60, so I would recommend a buy with a stoploss of Rs 135 and a target of Rs 142.
One may buy Century Textiles and Industries. The stock has crossed Rs 300 this week. It formed a wide candlestick pattern yesterday with above average volume. Relative strength index (RSI) also been in bullish zone in yesterday’s trading sessions. Therefore, I would recommend going long on to the stock with a stoploss of Rs 310 and a target of Rs 330.
One may buy Aditya Birla Nuvo (AB Nuvo). The stock has been consolidating from Rs 1,200 to Rs 1,275 in the past few trading weeks but the momentum indicators are gradually moving into the bullish zone. So I would recommend going long on the stock with a stoploss of Rs 1,241 and a target of Rs 1,275.
One may sell Adani Enterprises. There have been couples of bearish candlestick pattern in the daily charts which have been confirmed in yesterday’s trading session. Relative strength index (RSI) has also made a negative range shift, so I would recommend going short on the stock with a stoploss of Rs 268 and a target of Rs 254.
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