In CNBC-TV18's popular show Bull's Eye, Rakesh Gandhi, independent technical analyst shares his trading strategies for the day.
While remaining in trading range Multi Commodity Exchange of India has formed a symmetric triangle pattern having a breakout level at Rs 540. Once it crosses that level there is a strong possibility that the movement would increase and it would see levels of Rs 600. Hence, for a day buy with a target of Rs 565.
One may buy Ceat. After a span of three months the stock has once again started making a lifetime new high and based on technical study stocks making new high after a consolidation, has good trading pattern. Hence, buy for a day target of Rs 408 with a stoploss of Rs 386.
BEML has formed a rounding pattern and has managed to close above that rounding pattern. It indicates that there is further steam left and it could see higher levels and hence a buy for a stoploss of Rs 241.
In November, Ashapura Minechem has seen a very sharp rally and after that it has been in a sideways to down trend. Once again the momentum has picked up with good trading volumes and it has also breached a falling trend line indicating that it could see higher levels and hence can be bought for a day target of Rs 67 with a stoploss of Rs 59.90.
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