Top Trading Picks - September 8, 2010

Posted by admin in Mid Term Picks, Trading on Sep 7th, 2010 | no responses

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

Fintech

Recommendation: Buy
Last Close: Rs 1,403.5
Target: Rs 1,440
Stop Loss: Rs 1,378
On Tuesday, the stock of Financial Technology witnessed a breakout of the rounding bottom pattern. The volume was comparatively higher.
The stock is expected to move up to Rs 1,440. Maintain a stoploss of Rs 1,378 for a long position.

BGR Energy

Recommendation: Buy
Last Close: Rs 1,038
Target: Rs 1,090
Stop Loss: Rs 1,018
Accumulate on dips from a short-term perspective. The structure looks positive, as the stock has given a fresh breakout above the Rs 1,024 level after consolidation. The technical indicators and oscillators are positive, indicating momentum in the near term.

Jindal Steel

Recommendation: Buy
Last Close: Rs 706.3
Target: Rs 725
Stop Loss: Rs 692
JSPL has been in a range-bound movement for past two weeks, which has formed a ‘Flag’ pattern. On Tuesday, the stock has given a close above the crucial resistance of Rs 707, a decisive move above Rs 714 would lead to Rs 725.

Mercator Lines

Recommendation: Buy
Last Close: Rs 52.20
Target: Rs 58
Stop Loss: Rs 49
Mercator Lines has being in corrective downward trend for past two weeks, it has bounced back and trades above its weekly long leg Doji pattern.
The first resistance is placed at Rs 55.50, if crossed will lead to Rs 58.

Dabur

Last Close: Rs 215.95
Target: Rs 222
Stop Loss: Rs 212
Dabur has been moving in a narrow range forming a triangle pattern. On Tuesday the stock witnessed breakout of the triangle pattern.
The stock is expected to move up to Rs 222, maintain a stop loss of Rs 212 for a long position.