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Following are the trading strategies for select stocks for trade today:
IOC
Last Close (NSE) – Rs 399.00
The stock has completed its correction and is ready for its next move higher, buy with SL of 390 and targets of 412/425.
JK TYRE
Last Close (NSE) – Rs 118.55
The stock has again broken out above its 200 DMA and traders can go long with SL of 112 and target of 130.
TCI
Last Close (NSE) – Rs 306
The stock has given a strong break out from a long consolidation zone on the monthly charts giving a close at life time high. go long with SL of 297 and target of 322.
PNB
Last Close (NSE) - Rs170.00
The share has corrected after a sharp up move and will take support at its 200 DMA (170). go long with SL at 166 and target of 182.
VEDANTA LIMITED
Last Close (NSE) - 102.85
The share has given a mild recovery from highly oversold territory which might not sustain. Traders can go short at 104 with a stop loss of 109 and target of 96.
Disclosure: We have exposure to and recommended the above mentioned shares to our clients also. Hence we have a vested interest in the same.
Salil Sharma is a Delhi-based technical analyst
