590 a good target for Corporation Bank, Nagarjuna Fertilisers a good bet: Devang Visaria

In an interview with ET Now, Devang Visaria, Chief Strategist, devangvisaria.com, talked about Corporation Bank and Nagarjuna Fertilisers.

Corporation Bank on the charts?

You would follow a stop loss methodology on this one for the simple fact that on low volumes, you might get your stop loss as getting triggered, but 500-490 is a very strong support and for the past 2 months when the markets have been in a mode of correction and then an upswing, the stock has held out very well. So any good upswing and any good positive news on the banking sector will see this stock getting up and you could possibly see it getting past the highs of closer to 590 or so. So it is a good strategy to accumulate this stock below with keeping in mind supports of 495 and then on the upside, 590 looks like a good target.

Why do you have a buy call on Nagarjuna Fertilisers?

It is a very strong breakout on the weekly charts. It has in fact taken out a trend line which was holding the up moves since 2009 and this augurs really well for this stock. On a medium term level, we are looking for targets of closer to 45, possibly 2.5-3-month target and in the immediate short term, 39-40 looks like a good trading bet. Also the stop loss is very near. It has actually traded in the F&O basket. So 39-40 is a good target for Nagarjuna Fertilisers.