In CNBC-TV18's popular show Bull's Eye, Rakesh Gandhi, Independent Technical Analyst shares his trading strategies for the day.
One may sell Adani Enterprises. The stock has seen a very sharp decline and has broken its support tredline by the end of the day, further on hourly charts the indicators are also bearish and hence a short-term sell call for a target of Rs 246 with a stoploss of Rs 259.
One may sell YES Bank. Most of the banking stocks yesterday saw very sharp decline. YES Bank has closed below its support and hence a sell call for a target of Rs 355 and a stop loss of Rs 370.
One may buy Power Grid Corporation of India. The stock has been in a consolidation and while consolidating it has formed a head and shoulder pattern which is bullish. It has a neckline around Rs 102 and there is a strong potential that it could sustain above Rs 102 and hence in anticipation of that a buy call for a day target of Rs 104.25 with a stoploss of Rs 100.20.
One may buy Tech Mahindra. The stock has remained in a strong uptrend but in the last four days it has seen a sustained decline. In this weak period IT stocks are likely to outperform once again and hence a buy on Tech Mahindra for a target of Rs 1,855 and a stoploss of Rs 1,790.
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