In CNBC-TV18's popular show Bull's Eye, Nooresh Merani of Analyse India shares his trading strategies for the day.
One may buy Divis Laboratories. The stock has given a flag breakout above Rs 1,400 levels, which gives us a short-term target price of Rs 1,460 and a longer-term target price of Rs 1,700 on the basis of a cup and handle breakout, which happened around Rs 1,300 levels. One can buy the stock at current levels keeping a stoploss at Rs 1,400.
One may buy Hexaware Technologies. Maintaining the bullish stance on the stock, it has given a breakout over multi-year highs, which gives us a target price of Rs 200-220 in the medium-term. One can buy the stock at current levels with an intraday target price of Rs 170 and a stoploss at Rs 158.
One may buy Sonata Software. The stock gave a major breakout over a three-year range almost three-six months back around Rs 35-40 levels and post that the stock has crossed over the recent highs of Rs 50, which gives us a target price of Rs 56 in the short-term as well as a target price of Rs 65 in the medium-term. One can buy the stock at current levels keeping a stoploss at Rs 47.
One may buy on Godrej Properties. The volumes have increased and the prices are trying to break out above Rs 165-170 zone. Once that is crossed, we could be looking towards the target price of Rs 250 in the long-term. One can accumulate the stock at current levels with a stoploss at Rs 150 and an intraday target price of Rs 170.
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