Top Trading picks of the day - Aug 10, 2010

Posted by admin in Mid Term Picks, Trading on Aug 9th, 2010 | no responses

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

Bharat Forge Ltd.

RECOMMENDATION: Buy
Last Close: Rs 345
Target: Rs 385
Stop Loss: Rs 327
The structure is positive as the stock is well placed above all its moving averages. On a long-term chart the stock has a higher-top higher-bottom formation, which is positive for the stock. One may buy the stock on every decline with a stop-loss of Rs 327.

IndusInd Bank Ltd.

RECOMMENDATION: Buy
Last Close: Rs 213
Target: Rs 241
Stop Loss: Rs 204
There has been a fresh breakout above the Rs 211, with rising volumes. After consolidation, the stock is ready for an upmove. Accumulate the stock on declines. This uptrend could get damaged if the stock closes below Rs 198.

Kotak Mahindra Bank Ltd.

RECOMMENDATION: Buy
Last Close: Rs 824
Target: Rs 890
Stop Loss: Rs 805
After facing resistance at `825, the stock may give a breakout, if it holds above `830 in the near-term. The immediate target is Rs 890 and major weakness in the counter could be seen if it breaks below Rs 798.

KPIT Cummins Infosystems Ltd.

RECOMMENDATION: Buy
Last Close: Rs 165
Target: Rs 194
Stop Loss: Rs 154
The stock is well placed above all its moving averages and volumes are also picking up. The immediate targets could be Rs 178. Accumulate on declines and major downside seen only if it trades below Rs 146.

Tata Chemicals Ltd.

RECOMMENDATION: Buy
Last Close: Rs 367
Target: Rs 405
Stop Loss: Rs 345
The structure looks very positive as the stock is well placed above all its moving averages. On a weekly chart, fresh breakout could be seen if the stock holds above Rs 380 levels. The immediate target could be Rs 405