In CNBC-TV18's popular show Bull's Eye, Vishal Malkan of malkansview.com shares his trading strategies for the day.
I have a buy call on United Spirits. After reaching Rs 2,800 it was correcting since last four-five days and it has support around Rs 2,650 on intraday basis. Yesterday, forming a bullish candlestick pattern on daily charts as well as momentum has entered into bullish zone into intraday charts.
I have a buy call on Divis Laboratories. It has consistently making higher tops and higher bottoms in the last quarter reaching from Rs 1,000 to Rs 1,300 levels. It is closing on all time high basis on daily as well as weekly chart. Candlestick is bullish; volumes are bullish, so I recommend a buy with a stop loss of Rs 1,285 for target of Rs 1,340.
My third pick is a buy on Arvind. It had a good correction from Rs 158 levels to Rs 130 in the last few days and it has formed a bullish candlestick pattern on daily charts as well as momentum has entered into bullish zone in the intraday chart. So, I recommend a bounce back around Rs 150 levels in the short-term. For the day I have a stop loss of Rs 140 for target of Rs 149.
My fourth pick is CESC. It has hit a high of around Rs 470 in the last week and from there it has corrected to Rs 430 levels in the last four-five trading sessions. Rs 430 happen to be a good support on the daily as well as weekly basis; there is a 20 day moving average also on that level. So, I recommend a buy with a stop loss of Rs 435 for targets around Rs 455.
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