Top Trading picks of the day - Aug 13, 2010

Posted by admin in Mid Term Picks, Trading on Aug 12th, 2010 | no responses

Check out the top five stocks picks of the day for stock trading by Sandip Raichura, Business Head, PINC Money.

Union Bank of India

RECOMMENDATION: Buy
Last Close: Rs 329.25
Target: Rs 342
Stop Loss: Rs 315
The Union Bank of India stock is currently consolidating sideways. But the short-term momentum is beginning to turn up. It is also trading above its medium-term moving average. There is a bullish momentum in the stock.

Power Finance Corporation

RECOMMENDATION: Buy
Last Close: Rs 328.80
Target: Rs 350
Stop Loss: Rs 317
PFC is trading above its medium-term moving average. In a sideways trend, the medium-term momentum should generate a bullish trend over the short-to-medium term. Volume characteristics in the stocks also support the possibility of a rise in prices.

Axis Bank

RECOMMENDATION: Buy
Last Close: Rs 1,316.80
Target: Rs 1,400
Stop Loss: Rs 1,280
The price has been declining steadily for the past few sessions. The trend has reached technically oversold levels, indicating the possibility of a bounce back in prices. The medium-term trend is bullish. The stock should be bought at current levels.

Punjab National Bank

RECOMMENDATION: Buy
Last Close: Rs 1,132
Target: Rs 1,200
Stop Loss: Rs 1,190
There has been an uptrend in the Punjab National Bank stock for the past few months. There is potential for a further rise in the stock price. The short-term momentum is again turning bullish and there may be a fresh uptrend.

Indian Hotels Company

RECOMMENDATION: Buy
Last Close: Rs 96.55
Target: Rs 105
Stop Loss: Rs 93
The stock is trading at its 200 DMA, which can act as a good support to the trend. The momentum indicators, too, are at oversold levels, suggesting the end of the downtrend. Prices can rally from current levels to reach `105

Source: Economic Times