Daily Trading Stock Picks - May 18
Check out top five picks of the day by Michael Pillai, Technical Analyst, Nirmal Bang Securities.
Source: Economic Times (http://economictimes.indiatimes.com/articleshowpics/5942720.cms)
Indian Oil Corporation
- RECOMMENDATION: Buy
- Last Close: Rs 318.50
- Target: Rs 375
- Stop Loss: Rs 300
The stock is holding firmly above all its short- and long-term moving averages.
The daily oscillator RSI is in positive territory, indicating further momentum and the stock has been making higher tops and higher bottoms in the past couple of days.
Tata Tea
- RECOMMENDATION:Buy
- Last Close: Rs 1106
- Target: Rs 1210
- Stop Loss: Rs 1080
The stock is trading at its 52-week high and is well placed above all its short and long term moving averages.
There has been a considerable increase in the volumes and the RSI has given a positive crossover favouring further upside momentum.
TCS
- RECOMMENDATION:Sell
- Last Close: Rs 746
- Target: Rs 690
- Stop Loss: Rs 770
The trend looks weak as there is huge selling pressure at higher levels.
The major oscillators are placed in the negative territory and the stock has closed below its short-term 5, 20, 50 and 100-DMA of 758/769/790/770 respectively.
Indian Hotels
- RECOMMENDATION: Buy
- Last Close: Rs 115
- Target: Rs 130
- Stop Loss: Rs 110
The stock is on a strong path amidst robust volumes. RSI and Stochastic are in the positive territory, suggesting that the up move is intact.
If it moves above 122, then it may 130 in the days to come.
JSW Steel
- RECOMMENDATION:Buy
- Last Close: Rs 1171
- Target: Rs 1270
- Stop Loss: Rs 1130
The stock is trading below its short-term 5, 20 & 50-DMA of 1212/ 1198/ 1218. But the outlook remains positive with a stop-loss of 1130.
If it manages to hold above 1220, then we see a target of 1270 in the days to come.
