Buy Sun TV, Future Retail, Biocon, IOC: Manav Chopra

In CNBC-TV18's popular show Bull's Eye, Manav Chopra of Nirmal Bang shares his trading strategies for the day.

One may buy Sun TV Network. The stock, after a couple of months of consolidation has managed to exceed the crucial hurdles of Rs 440 decisively with a big bullish candle accompanied by sharp volumes. The momentum indicators on the daily and the weekly charts have entered into a bullish territory, which suggests that one could see further rise in the stock in the near-term perspective. Support for the stock lies at Rs 434 to Rs 445 on the intraday charts and one can maintain a buy on dips approach with a stoploss of Rs 442 for an upside target of Rs 470. One may buy Future Retail. The stock after forming a series of minor higher bottoms has managed to exceed the highs of September and October with big bullish candle with above average volumes. The momentum indicators on the weekly charts have given a bullish signal which is recommending a medium-term trend reversal and there has also been short-term for moving average crossover. We expect a sharp momentum in the stock and one can maintain a buy with a target of Rs 88 for a stoploss of Rs 82. One may buy Biocon. This stock has been on a complete uptrend forming a series of higher highs and lows and recently the stock has managed to exceed its recent swing high which has confirmed the continuation of the uptrend. The momentum indicators suggests absence of any sort of divergence which suggests that this stock could see further rallies in the near term perspective. One can maintain a buy with a stoploss of Rs 356 for an upside target of Rs 372. One may buy Indian Oil Corporation (IOC). The stock has breached its falling trendline drawn from its recent highs which has confirmed a short-term trend reversal signal. The prices have also bounced from its important Fibonacci clusters and the technical parameters have also given a sharp rise from its oversold territory. We expect the stock to test levels of Rs 228 in the near term perspective. One can maintain a stoploss of Rs 212.