In CNBC-TV18's popular show Bull's Eye, Independent Technical Analyst, Rakesh Gandhi shares his trading strategies for the day.
First call for the day is to sell Allahabad Bank. The stock has broken an important neckline of an rising head and shoulder pattern indicating that bearishness could continue and hence a very short-term day target of Rs 75.50 with a stop loss of Rs 82.
My second call for the day is to sell Jindal Steel & Power (JSPL). The stock is sustaining below its 200-day exponential moving average and has also broken below a triangle pattern indicating that downward move can continue for few days and hence a sell call for a day target of Rs 246.25 with a stop loss of Rs 257.50.
My third call for the day is sell YES Bank. The stock has formed a double top pattern having a neckline at around Rs 325. It has closed below that together with a close below the 200-day exponential moving average indicating that downward pressure would increase and hence a sell call for a lower target of Rs 311.25 with a stop loss of Rs 326.75.
My fourth and last call for the day is buy Opto Circuits India. Stock yesterday opened with a gap. The volumes are also too high and by the end of the day it maintained the gap indicating the upward move can continue for next few days and hence a short-term buy call for a target of Rs 37 with a stop loss of Rs 34.10.
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