Top Trading picks of the day - Aug 16, 2010

Posted by admin in Mid Term Picks, Trading on Aug 15th, 2010 | no responses

Shown below are the top five stocks picks of the day for stock trading by Hitesh Sheth, Head-Technical Research, Prabhudas Lilladher

BHEL

RECOMMENDATION: Buy
Last Close: Rs 2,496
Target: Rs 2,585
Stop Loss: Rs 2,470
The stock has taken a good support on a moving average at Rs 2,475. The stock has started moving up afresh. The trend is improving with volume. On a breakout above Rs 2,545, the price will rise to its recent peak of Rs 2,585.

Deccan Chronicle

RECOMMENDATION: Buy
Last Close: Rs 134.75
Target: Rs 145
Stop Loss: Rs 132
This stock has made a strong base at Rs 130. The trend is improving. There has been a breakout above Rs 136 on hourly chart. A higher bottom has been established. Buy this stock for a week with a stop loss of Rs 132.

IDBI Bank

RECOMMENDATION: Buy
Last Close: Rs 120.80
Target: Rs 127
Stop Loss: Rs 117
The stock has a good base at Rs 117 and the sideways correction is getting over. The trend is improving. Buy this stock at the current level with a stop loss of Rs 117. The stock can further move up to Rs 134.

Mercator Lines

RECOMMENDATION: Buy
Last Close: Rs 52.65
Target: Rs 58
Stop Loss: Rs 50
After giving a breakout from Rs 50 a few days ago, it has taken support on Rs 50 level. The trend is improving. It has also taking support on a slow moving average. The stop loss is Rs 50. The stock may touch Rs 62.

Jai Corp

RECOMMENDATION: Buy
Last Close: Rs 291
Target: Rs 320
Stop Loss: Rs 280
This stock has moved with very high volume and reached a strong resistance at Rs 300. The daily chart shows a higher bottom, indicating a bullish sign. We recommend a buy on this stock with a strong support at Rs 275-280 levels.

Source: Economic Times