Daily Trading Stock Picks - June 29, 2010

Posted by admin in Mid Term Picks, Trading on Jun 28th, 2010 | no responses

Check out the top five stock picks of the day by Michael Pillai, Technical Analyst, Nirmal Bang Securities.

Source: Economic Times

JSW Steel

RECOMMENDATION: Buy
Last Close: Rs 1,064
Target: Rs 1,136
Stop Loss: Rs 1,031
After a massive correction, we see consolidation at lower levels. The stock could be bought from an investment and a trading view. Immediate target could be 1,097 and in the longer run, we see the stock testing 1,136 levels

Aurobindo Pharma

RECOMMENDATION: Buy
Last Close: Rs 889
Target: Rs 1,011
Stop Loss: Rs 847
The stock can be bought on dips from an investment perspective. After a long consolidation the stock closed above its 50-day moving average of 876, with significant rise in the cash volume. The outlook is very positive.

Reliance Capital

RECOMMENDATION: Buy
Last Close: Rs 786
Target: Rs 837
Stop Loss: Rs 768
The stock is in a strong up-move and one can buy from a trading perspective. Being high-beta, it has a target of 880 in the longer run. On a weekly basis, it has been forming a higher- top, higher-bottom formation, indicating momentum.

Jindal Saw

RECOMMENDATION: Buy
Last Close: Rs 205
Target: Rs 221
Stop Loss: Rs 197
The stock is in an up-trend with strong resilience at lower levels. The technical oscillators are positive and the stock is holding above all its daily moving averages. We recommend buying on dips. The immediate target is around 217.

Reliance Communications

RECOMMENDATION: Buy
Last Close: Rs 201
Target: Rs 224
Stop Loss: Rs 188
Buy on dips and accumulate the stock from a long term perspective. It has shown a huge rally after maintaining above 160 with significant increase in the volumes. The stock is well placed above all its short and long-term moving averages.