In CNBC-TV18's popular show Bull's Eye, Kunal Bothra of LKP shares his trading strategies for the day.
United Breweries is trading above 200 day moving averages for the last couple of days. We have seen some bit of short-term uptrend in the price chart especially on the hourly chart. The momentum indicators especially the relative strength index (RSI) is showing some bit of strength from a short-term perspective. It seems to be a fair trading idea to go long on the stock. My target for the day is Rs 820 and keeps stop loss at Rs 193.
TVS Motor Company has already formed a bullish hammer pattern as well on the daily chart, which is a sign that probably short-term uptrend could resume for the stock. My target on TVS Motor is Rs 70 with a very tight stop loss at Rs 66.60.
I have a buy call on VIP Industries. After the sharp rally where the stock traded above 200 day moving average in the month of December, we saw the stock consolidating at levels of Rs 70-72. The significance for the stock to start a short-term uptrend could be higher from here. My target for the day for VIP Industries is Rs 60 with a stop loss at Rs 57.
I have a buy on Escorts. My sense is that the short-term momentum is intact because the stock has formed higher bottom in the last couple of days. So, I sense probably that the stock could head towards 50 day moving average as well as the neckline; both of them lie around Rs 126 levels. My target for the day is Rs 126 with extremely tight stop loss at Rs 120.
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