Buy RComm, Chennai Petroleum, NIIT; short Petronet: Harchekar

Amit Harchekar, Chief Technical Strategist at A PLUS Analytics told CNBC-TV18, "I have a buy call on Reliance Communications. The stock has given a good breakout from a bullish pennant and we are expecting the rally to extend towards Rs 57, so stop loss for long trade would be at Rs 48." "I have a buy call on Chennai Petroleum Corporation. The stock has been taking strong support at 200-day moving average and good thing is that the stock is also consolidating into a bullish flag, so we are recommending going long in Chennai Petro with a stop loss of Rs 195. We are seeing target between Rs 220 and Rs 225," he said."I am recommending buying NIIT. The stock is taking a strong support at 200-day moving average but the good thing is that major buying has happened between the zone of Rs 77 to Rs 78. As long as the stock sustains above Rs 74, there is high chance of the stock testing the zone of Rs 88-90 in the coming days," he said. "I have a short call on Petronet LNG. We believe the stock is giving signs of an intermediate topping out and we would recommend going short with a stop loss of Rs 253. We are expecting the stock to form three weeks low, so we are expecting target around Rs 228-230."