Top Trading Picks - Spetember 3, 2010

Posted by admin in Mid Term Picks, Trading on Sep 2nd, 2010 | no responses

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

HDFC Ltd

Recommendation: Buy
Last Close: Rs 632.55
Target: Rs 647
Stop Loss: Rs 626
HDFC’s down trend from its recent high of Rs 650 till date has formed an “Extracting Triangle” pattern. A strong move above Rs 647 would indicate a breakout in which case one can buy for a possible target of Rs 645, maintain a stoploss of Rs 626 for long position.

Bank of Baroda

Recommendation: Buy
Last Close: Rs 832.50
Target: Rs 846
Stop Loss: Rs 816
On Thursday, BoB witnessed a breakout of the “V”-shaped pattern, the pattern implication indicates a target of Rs 846. Volume was comparatively higher maintain a stoploss of Rs 816 for long position.

Talwalkar

Recommendation: Buy
Last Close: Rs 207.35
Target: Rs 216
Stop Loss: Rs 200
Talwalkar has formed a “Rounding Bottom” pattern. On Thursday, the stock witnessed a break of the “Rounding Bottom” pattern. At the higher level, it is expected to move up to Rs 216, maintain a stoploss of Rs 200 for long position.

Chambal Fertilisers

Recommendation: Buy
Last Close: Rs 70.20
Target: Rs 75
Stop Loss: Rs 67.50
For past two trading sessions, Chambal Fertilisers has witnessed a strong pullback. On Thursday, the stock saw a breakout of an intraday “Flag” pattern. It’s now expected to move higher up to Rs 75, maintain a stoploss of Rs 67.50 for long position.

HDFC Bank

Recommendation: Buy
Last Close: Rs 2187.45
Target: Rs 2225
Stop Loss: Rs 2165
HDFC Bank after correcting 61.8% of its previous fall has once again turned positive. On an intraday basis, it has formed a “Flag” pattern, the breakout level is placed at `2,195. Long position can be initiated on break of Rs 2,195 and maintain a stoploss of Rs 2,165.

Source: Economic Times