Top Trading picks of the day - Aug 11, 2010

Posted by admin in Mid Term Picks, Trading on Aug 10th, 2010 | no responses

Check out the top five stocks picks of the day for stock trading by Birendrakumar Singh, Technical Analyst, Religare Securities.

HDFC Bank Ltd.

RECOMMENDATION: Buy
Last Close: Rs 2095.40
Target: Rs 2135
Stop Loss: Rs 2080
HDFC Bank has retraced 61.8% of its previous rise and has formed a good support at Rs 2070 levels. The stock is expected to touch its recent high of Rs 2135. One may maintain a stop loss of Rs 2,080 for a long position.

Bombay Dyeing & Manufacturing Company Ltd

RECOMMENDATION: Buy
Last Close: Rs 598.20
Target: Rs 625
Stop Loss: Rs 574
Bombay Dyeing has been trading side ways for past four trading sessions forming a “Flag” pattern. On Tuesday, the stock has witnessed a positive breakout and it is expected to touch Rs 625. Maintain a stop loss of Rs 574 for a long position.

GAIL (India) Ltd

RECOMMENDATION: Buy
Last Close: Rs 442.70
Target: Rs 456
Stop Loss: Rs 434
Gail has formed a “Bullish Engulfing” pattern on Friday and thereafter it has been trading higher. The trading activity has increased and is likely to touch Rs 456. One may maintain a stop loss of Rs 434 for a long position.

Century Textiles & Industries Ltd

RECOMMENDATION: Buy
Last Close: Rs 472.60
Target: Rs 488
Stop Loss: Rs 460
On Monday, Century Textile gave a bullish breakout of the “Triangle” pattern that has been under formation for past three weeks. The breakout is on comparatively higher volume. The target level is placed at Rs 488; maintain a stop loss of Rs 460 for a long position.

Source: Economic Times