Buy Chambal Fertilisers, Godrej Ind, Rallis, UPL: Merani

In CNBC-TV18's popular show Bull's Eye, Nooresh Merani of Analyse India shares his trading strategies for the day.

One may buy Chambal Fertilisers and Chemicals. We have seen good movement as well as good volumes. This indicates that breakout is confirmed and we could be looking at much higher levels in the short-term. One can keep an intraday target price of Rs 43 and a stoploss at Rs 38.
One may buy Godrej Industries. The stock has made multiple bottoms around Rs 265 and has started turning around. At current levels it is a good risk reward entry point, looking towards medium-term target of Rs 330. One can buy the stock with a target price of Rs 300 and stoploss at Rs 265.
One may buy Rallis India. The stock has been a long-term favourite ever since it gave a channel cum triangle breakout above Rs 155-160. It headed up towards Rs 180-185 which was its previous high three years back and has again retested the support zone of Rs 160 and is turning back. We expect the stock to continue its momentum towards Rs 250 in the medium-term. In the short-term one can buy at current levels with a stoploss at Rs 160.
One may buy UPL. The stock has been a favourite and it has confirmed a breakout above Rs 170-175 with strong volumes and this is a breakout out of a two year range. This gives a target price of Rs 220 in the medium-term. One can buy the stock at current levels with a target price of Rs 220 in the medium-term and intraday target price would be placed at Rs 195 and stoploss at Rs 180.