Top Trading Picks - August 2, 2010

Posted by admin in Mid Term Picks, Trading on Aug 1st, 2010 | no responses

Check out the top five stock picks of the day for trading by Shardul Kulkarni, Senior Technical Analyst, Angel Broking.

Godawari Power & Ispat Ltd

RECOMMENDATION: Buy
Last Close: Rs 239.40
Target: Rs 280
Stop Loss: Rs 220
We are seeing a cup-and-handle pattern breakout in the daily charts for Godawari Power and Ispat. Weekly charts indicate a strong higher-top-higher-bottom structure. The stock can be purchased at current levels, for a target of Rs 280.

Bata India

RECOMMENDATION: Buy
Last Close: Rs 286.05
Target: Rs 315
Stop Loss: Rs 268
We see a breakout from a sideways consolidation zone. Volumes have increased with increase in price, near the levels of a breakout. The stock should be purchased in the range of Rs 286-280. The time-frame is four to six weeks.

CESC

RECOMMENDATION: Buy
Last Close: Rs 394.35
Target: Rs 420
Stop Loss: Rs 379
We see a positive crossover in momentum oscillator’s viz the RSI and the stochastic. Also, the stock has strong support near Rs 380. We recommend buying this stock on declines up to Rs 390 for a price target of Rs 420 in the coming 3-4 weeks.

SBI

RECOMMENDATION: Buy
Last Close: Rs 2,502.90
Target: Rs 2,620
Stop Loss: Rs 2,410
The SBI stock has given a breakout from a sideways consolidation, along with rising volumes. Also, a clear higher-top-higher-bottom cycle is seen. We recommend buy on declines up to Rs 2,470 for a target of Rs 2,620 in the coming 3-4 weeks.

Mahindra & Mahindra

RECOMMENDATION: Buy
Last Close: Rs 661.50
Target: Rs 690
Stop Loss: Rs 620
On the daily charts, we are witnessing a “V” pattern breakout near Rs 640 along with rising volumes. We recommend buying the Mahindra and Mahindra stock in the range of Rs 660-645 for a target of Rs 690 in the coming three to four weeks.

Source: Economic Times