Nooresh Merani of Analyse India recommends buying Vardhman Textiles with a target of Rs 800 in the long term and Reliance Industries with a target of Rs 1150.
In CNBC-TV18's popular show Bull's Eye, Nooresh Merani of Analyse India shares his trading strategies for the day.
One can buy HCL Infosystems . The stock has crossed above the previous top of Rs 75 to Rs 77 which is an indication of a fresh breakout. We can expect a target price of Rs 88 in the short-term and target price of Rs 120-140 in the long-term. One can buy the stock at current levels with a stoploss at Rs 75.
One can buy Wockhardt . The stock has made a good base around Rs 550 and is about to give a breakout above Rs 650-655 levels and has been closing around same price for the last two days. We expect the stock to give a blowout move towards Rs 700 in the short-term and a target price of Rs 800-900 in the medium-term. A stoploss would be now be placed at Rs 620.
One can buy Vardhman Textiles . On the longer term chart, the stock has given cup and handle breakout over a three to four year pattern. After making a move towards Rs 520-530 the stock did a retest towards Rs 450-460 levels. It has started reversing up. We expect the stock to adapt towards Rs 550 in the short-term and longer term target price of Rs 800. One can buy the stock at current levels as well as on dips with a stoploss at Rs 460.
One can buy Reliance Industries (RIL). Previously the stock had a top around the zone of Rs 920-950. After making a move towards Rs 1150 levels the stock has retested the zones of Rs 960 and has started reversing. We expect the stock to again head back to Rs 1150 levels. One can buy the stock at current levels with a stoploss of Rs 1000.
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group
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