Tejas Networks, VA Tech Wabag, BSE, MCX shares: Short-term trading strategy

Vishnu Kant Upadhyay, AVP – Research & Advisory at Mastertrust, on Tuesday said Multi Commodity Exchange of India Ltd  (MCX) shares appear bearish on technical charts. He advised traders with a short-term investment horizon to book profits in BSE. On Tejas Networks Ltd, Upadhyay said the stock's technical structure has weakened. The AVP at Mastertrust maintained his positive outlook on VA Tech Wabag Ltd.

VA Tech Wabag
Replying to a query by a viewer Manoj Bhai Kapadia, who holds 50 VA Tech Wabag shares at an average of Rs 2,198, Upadhyay told BTTV that Va Tech Wabag has quite a positive structure on the technical chart. He said the stock has been forming higher top higher bottom formation. The stock had been trading in a range, with Rs 1,990 on the lower side and Rs 2,220 on the higher side earlier, he said. Upadhyay felt exisiting traders should hold on to their positions at the prevailing price. A stop loss can be placed at Rs 1,980 for higher targets of Rs 2,300 and Rs 2,400 levels in the short term.

BSE
Upadhyay said the BSE counter could see some pain in the near future. He said existing investors with long-term view on the stock can stay put as long as the Rs 3,200 level is respected. Short-term investors can exit for now as Upadhyay sees downside towards Rs 3,400, followed by Rs 3,200 in coming days.

Tejas Networks 
Upadhyay said Tejas Networks is still trading above its 200-day moving average. He said existing should keep this stock in the portfolio while maintaining a stop loss at Rs 520. As long as this level is respected, he advised traders to maintain their positions. Take exit if the stock below the said level, Upadhyay said.

MCX
Upadhyay said MCX shares look a bit bearish and the ongoing fall should continue till Rs 2,460, where 200-day exponential moving average exists.

"So I would prefer you to exit the counter if you find any rise close to Rs 2,700. While on the lower side Rs 2,440 will act as a very crucial support. If prices falls below this level then definitely you should get exit from the position," Upadhyay said.