In CNBC-TV18's popular show Bull's Eye, Manav Chopra of Nirmal Bang shares his trading strategies for the day.
One may buy Oriental Bank of Commerce (OBC). This stock, since the past couple of weeks has observed a sharp decline and since last four-five trading session, the stock has been consolidating in a very narrow range. Having support clusters close to Rs 200-201 levels, the stock has also taking support at its long-term moving average.
One may buy Canara Bank. The stock has breached its falling trend line from its recent highs which has confirmed a short-term trend reversal and resumption of the original uptrend. The recent breakout has accompanied by above average volume, which is also a positive signal. The stock is also currently trading above short-term averages and we expect the short-term momentum to continue in the near-term perspective.
One may buy Voltas. This stock has observed a very sharp decline in past few trading session and the stock has formed a morning star pattern on daily charts and with that going forward we expect at least a retracement of 50 percent of its recent decline.
One may buy Unitech. The stock has been in a major downtrend since past few years and looking at the overall structure the stock has completed its five wave decline. The stock yesterday formed a very strong bullish candle accompanied by above average volumes. The stock since past couple of trading sessions has observed a decline and there was diminish in momentum.
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