Top Trading picks of the day - Aug 17, 2010

Posted by admin in Mid Term Picks, Trading on Aug 16th, 2010 | no responses

Shown below are the top five stocks picks of the day for stock trading by Alex Mathews, Head-research, Geojit BNP Paribas Financial Services.

Tata Chemical

RECOMMENDATION: Buy
Last Close: Rs 383.35
Target: Rs 415
Stop Loss: Rs 361
The stock has given a breakout pattern above Rs 373 and may move up further, as the 5-month stochastic and MACD have given a buy signal, indicating a month-long bull trend in this counter. The target price is Rs 415.

ADHUNIK

RECOMMENDATION: Buy
Last Close: Rs 120.80
Target: Rs 134
Stop Loss: Rs 114
The weekly and monthly charts show buy indications. The daily MACD and positive divergence indicate a steep rise on the cards. Increasing volumes and monthly higher side Bollinger band level of Rs 116 offer a good investment avenue in the short-term.

ICICI BANK

RECOMMENDATION: Sell
Last Close: Rs 957.00
Target: Rs 936
Stop Loss: Rs 975
The stock has shown minor weakness on the daily charts. The daily stochastic has given a sell signal. The 5/10 departure oscillators have started moving below the equilibrium line, indicating weakness to persist and it is supported by the weekly stochastic.

MARUTI Suzuki

RECOMMENDATION: Buy
Last Close: Rs 1,253.75
Target: Rs 1,324
Stop Loss: Rs 1,222
Both daily and weekly stochastic and MACD on the daily charts have given a buy signal. The stock started trading above its 20-day exponential moving average. As the stock has completed its down side correction, it may outperform the market.

UNION BANK

RECOMMENDATION: Buy
Last Close: Rs 339.85
Target: Rs 378
Stop Loss: Rs 323
The stock has given a buy signal on both weekly and daily charts, offering a medium-term price appreciation. The moving average combinations of 3, 9 and 18 months show sharp upside in this counter. The stock has an immediate resistance at Rs 352.