Buy Reliance Infra, Bharat Forge, Network 18: 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 Reliance Infra. The stock eventually has seen a very sharp rise from its recent lows. Recently it has been consolidating above its short-term moving averages. It has formed a very strong support clusters around the levels of Rs 630, which also coincides with some important Fibonacci clusters on the intraday charts. At the current level, the prices have formed a positive reversal on the daily basis and we expect higher formations in the near-term perspective.

One can buy Bharat Forge. Prices have already given a bullish breakout on the daily chart yesterday and with a good momentum and rise in volumes, we expect the prices to rise in the near-term. At the current level, the stock has formed a good support at Rs 875 on the lower side and the momentum also looks strong on the higher timeframe chart. We expect the prices to enter into new high territory.

One can buy IDFC. The stock in last five trading sessions has continuously observed a lower low and lower high formation and the prices have declined in a corrective formation. Looking at the overall chart, on the short-term parameters, the stock has entered into the oversold zone and in the near-term perspective we would expect some sort of a recovery and bounce from the current level.