Today’s Top Trading Picks - July 20, 2010

Posted by admin in Mid Term Picks, Trading on Jul 19th, 2010 | no responses

Check out the top five stock picks of the day for trading in Indian Stock Market recommended by Alex Mathews, Head-Research, Geojit BNP Paribas Financial Services

Central Bank of India

RECOMMENDATION: BUY
Last Close: Rs 147.95
Target: Rs 164
Stop Loss: Rs 136
The stock has shown a breakout pattern and the moving average combination of 10, 50 and 100 has given a buy signal. The stock has short-term target of Rs 164, with an immediate resistance at Rs 156. On the oscillator charts, MACD and Stochastic have given a buy signal, along with high volume support.

RPG Lifesciences Ltd

RECOMMENDATION: BUY
Last Close: Rs 103.65
Target: Rs 114
Stop Loss: Rs 98
The stock is trading very close to its yearly high of Rs 105.80 and is likely to move towards Rs 114. The recent volume growth in the scrip is indicative of market participant’s interest. The weekly and monthly charts suggest further uptrend to Rs 114-121 in the short term. The departure oscillators and momentum indicators are further supportive of an early breakout.

Bharat Forge

RECOMMENDATION: BUY
Last Close: Rs 336
Target: Rs 355
Stop Loss: Rs 320
The stock is an outperformer and is facing resistance at Rs 348-355. The volume increase in the recent times is evident of good buying interest in the scrip. The monthly Bollinger band suggests that it can even test a level of Rs 419 in the medium term. The momentum indicator and MACD and short-term moving average combinations are suggesting further strong upward movement in the counter.

IRB Infrastructure Developers

RECOMMENDATION: BUY
Last Close: Rs 274
Target: Rs 305
Stop Loss: Rs 265
The long-term moving average combinations suggest an impending uptrend in the stock. The stock has completed its downward correction and poised for a rally. The weekly stochastic has given a buy signal, which further adds strength to this counter. Buy can be initiated at declines.

ITC

RECOMMENDATION: SELL
Last Close: Rs 291
Target: Rs 276
Stop Loss: Rs 299
Oscillators like MACD and Stochastic on the daily charts have given a sell signal. The short-term moving averages’ combination of 3, 9 and 18-day has also given a sell signal. The immediate resistance will be at 286; below it may fall towards Rs 276. The stock attracted low volumes over the past few days, suggesting low interest from market participants.

Source: Economic Times