Manav Chopra of Nirmal Bang is of the view that one may buy BHEL for an upside target of Rs 280 and Bank of India for an target of Rs 355.
In CNBC-TV18's popular show Bull's Eye, Manav Chopra of Nirmal Bang shares his trading strategies for the day.
My first buy call is on Bank of India . The stock on intraday chart has managed to give a decisive close above the crucial hurdles of Rs 325 which is a positive signal and the volumes also has given a decisive close above the 50-60 day moving average which indicates that the bulls are quite very much in active. There is limited downside from the current levels as the prices have taken support near short-term averages and we recommend a buy on dips approach, keep a stop loss of Rs 320 for an upside target of Rs 355.
My second buy call is on BHEL , the stock has observed a rise from its recent lows and has confirmed a higher high formation. Looking at the overall structure of the chart, the prices are all poised to form a higher high formation and at the current levels the stock is a buy and one can maintain a stop loss of Rs 257 for an upside target of Rs 280.
My third buy call is on CESC . The stock has been inching high and has formed a higher high formation. The overall pattern of the chart is still positive and the prices have breached its falling trendline drawn from its recent highs which suggests that the prices are likely to move higher and form a new high in the near term perspective. There is a strong support cluster around the levels of Rs 620 and one can maintain a stop loss at Rs 615 for an upside target of Rs 670.
My fourth buy call is on Canara Bank . The stock has finally formed a higher high formation and exceeded its previous swing high which has also confirmed the continuation of the uptrend. The volumes are also confirming the bullish bias and as the breakout has accompanied by big bullish candle, going forward and looking at the momentum the prices are likely to move higher as there is absence of any sort divergence on short-term parameters.
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Buy Bank of India, BHEL, CESC, Canara Bank: Manav Chopra
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