In CNBC-TV18's popular show Bull's Eye, Manav Chopra of Nirmal Bang shares his trading strategies for the day.
One can sell IDBI Bank futures. The stock has formed a negative reversal pattern on the daily charts and the price of the intraday charts has breached the crucial support of Rs 70.50 and has closed below it. The price also on the intraday chart has breached the short-term moving averages which have confirmed a short-term trend reversal. We recommend a sell with a stoploss of Rs 73 for a lower target of Rs 66.
One can sell Canara Bank futures. The stock has formed a bearish engulfing pattern on the daily charts which indicates that there is limited upside from the current level. The level of Rs 414-415 would be a strong resistance. We recommend a sell at the current level with a stoploss above Rs 415 for a lower target of Rs 385.
One can buy Steel Authority of India (SAIL). Prices on the intraday charts has formed a short-term reversal candle which indicates that the prices would see a short-term retracement in the near term perspective. On the lower side Rs 79 would act as immediate support and we recommend a buy with a stoploss of Rs 78.
One can buy Mindtree. The stock overall has been outperforming in the markets and continuously on the daily charts has been performing a series of higher-highs and higher- lows. The prices are also currently trading above short-term moving averages and the momentum still looks very strong as there is absence of any sort for reversal pattern. We recommend a buy at the current level with a stoploss of Rs 1,110 for an upside target of Rs 1,200.
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