Daily Trading Stock Picks - June 28, 2010

Posted by admin in Mid Term Picks, Trading on Jun 27th, 2010 | no responses

Check out the top five trading stock picks of the day by Ranak Merchant, Technical Analyst, Sushil Financial Services.

Source: Economic Times

Dr Reddy’s Lab

RECOMMENDATION: Buy
Last Close: Rs 1484
Target: Rs 1587
Stop Loss: Rs 1435
Dr Reddy’s has resumed its uptrend with a positive crossover in most short-term oscillators. On weekly charts, the stock has exhibited a bullish island reversal pattern. Daily charts indicate the formation of higher tops and higher bottoms, confirming the uptrend.

Essar Oil

RECOMMENDATION: Buy
Last Close: Rs 138
Target: Rs 151
Stop Loss: Rs 132
Essar Oil has made a bullish W pattern. The 200-day EMA is placed at 137 and it has seen a big volume breakout. Short-term oscillators indicate a bullish breakout. A sustained close above 200-day EMA will confirm upward momentum.

ONGC

RECOMMENDATION: Buy
Last Close: Rs 1264
Target: Rs 1357
Stop Loss: Rs 1230
ONGC has seen a break-out from short-term consolidation zone. The stock saw a big volume uptick on Friday and the short-term oscillators have turned positive. A bullish breakout will be confirmed once the stock crosses intermediate resistance of Rs 1,274.

Reliance Communications

RECOMMENDATION: Buy
Last Close: Rs 193
Target: Rs 213
Stop Loss: Rs 184
RCOM is currently consolidating near its 200-day EMA of 188 and has seen a big volume built-up in recent sessions. It has seen a double top of 196 and a move above the level will indicate a bullish breakout.

Mahindra & Mahindra Ltd

RECOMMENDATION: Sell
Last Close: Rs 615
Target: Rs 595
Stop Loss: Rs 634
M&M made multiple tops near 644 levels & has thereafter witnessed a breakdown. With the averages indicating a negative crossover, the stock is poised for further down-move. Short-term oscillators confirm the weakness in the stock.