The Nifty closed above its important psychological level of 9,500 for first time on Tuesday led by strong gain in heavyweights such as TCS, Reliance Industries and ITC. Nifty is looking strong and it has given breakout on charts. Nifty can go up to 10,000 levels in next 2 months on the downside support for Nifty is around 9,400-9,450 levels, says Sumeet Bagadia, associate director at Choice Broking. Below are some of the trading strategies he discussed with NDTV Profit.
Buy Punjab National Bank: The stock is looking good on charts and it can go up to 182-183 and if the stock moves above Rs 183 it can go up to Rs 205-210 levels. Investors should hold existing long positions with trailing stop loss at Rs 165 and traders can also buy this stock at the current market price with stop loss at Rs 165 for target of Rs 205-210.
Buy InterGlobe Aviation: The stock faces resistance around Rs 1,145-1,150 levels and if the stock moves above Rs 1,150 it can go up to Rs 1,230-1,250. Traders can buy with stop loss at Rs 1,080 for immediate target of Rs 1,150 and a close above Rs 1,150 can take the stock to Rs 1,230 as well.
Buy Hero MotoCorp: The stock has staged a good move from lower levels. The stock is headed to Rs 3,700 in the next couple of days. Traders can buy Hero MotoCorp with stop loss at Rs 3,500 for immediate target of Rs 3,700.
Buy Voltas: The stock faces resistance around Rs 450 and if it moves above Rs 450, it can move above Rs 500.
Buy Reliance Industries: The stock is looking strong on charts. The stock can move up to Rs 1,400-1,410 in the near term and a close above Rs 1,410 can take the stock above Rs 1,500.
Buy Bank of Baroda: Traders can buy this stock for immediate target of Rs 200 and above Rs 200 it can go up to Rs 225 as well.