Buy IDBI Bank, Tata Sponge, Dish TV: Manav Chopra

In CNBC-TV18's popular show Bull's Eye, Manav Chopra of Nirmal Bang shares his trading strategies for the day.

One can buy IDBI Bank. The stock has observed a sharp rise from its recent lows and most of the oscillators have bounced from it's over sold zone which indicates that a short term bottom is in place. On the charts we have observed that there are several bullish candles which indicate that Rs 77 is a strong support cluster on the lower side. The prices have also managed to breach its important trend line which confirms a short term trend reversal. So the stock is a buy for the near term perspective.

One can buy Tata Sponge. The stock has been forming a sideways consolidation pattern after a bullish breakout that was observed few days back. It still manages to sustain and close above the crucial levels of Rs 915 which is a bullish signal and going forward as most of the momentum indicators are still in the positive mode and we have seen good volumes in the stocks recently. So there are chances that the stock would see further rise in the near term perspective, as the overall trend is still positive.

One can buy Dish TV India. The stock has been consolidating near its strong support clusters and has given us sharp breakout on the intraday charts yesterday. The breakout has also accompanied by above average volumes and the prices have also managed to close decisively above the crucial levels of Rs 56 which is positive. After a couple of days of consolidation it has also given a close above its short term moving averages which is a positive signal and indicates that the stock could see sharp rise in the near term.