Top Trading Stock Picks - Aug 5, 2010

Posted by admin in Mid Term Picks, Trading on Aug 4th, 2010 | no responses

Check out the top five stock picks of the day for trading recommended by Amit Trivedi, Technical Analyst, KR Choksey Shares and Securities. (Source: Economic Times)

GMDC

RECOMMENDATION: Buy
Last Close: Rs 124.35
Target: Rs 130-134
Stop Loss: Rs 120
The stock has been in a consolidation phase and has formed support at Rs 118 levels. After breaking its 21-day EMA and 50-day SMA, the stock has turned positive with rising trading activity. The stock may move up to Rs 130-134 levels in near-term.

Onmobile Global

RECOMMENDATION: Buy
Last Close: Rs 292.15
Target: Rs 318
Stop Loss: Rs 278
The stock has formed a multiple support at Rs 273 and has witnessed comparatively high volume activity in the past two days. The stock has given a breakout above its 21-day EMA and 50-day SMA. The momentum indicators suggest an upward move.

3i Infotech

RECOMMENDATION: Buy
Last Close: Rs 66.45
Target: Rs 76
Stop Loss: Rs 63
The stock has witnessed a strong breakout after crossing Rs 66. It has moved in a consolidation phase for the past eight weeks. The breakout is accompanied by heavy volume and the stock likely to move up to Rs 76 in near-term.

Titan Industries

RECOMMENDATION: Sell
Last Close: Rs 2,809
Target: Rs 2,500
Stop Loss: Rs 2,920
The stock has formed a bearish kind of pattern at all time high levels, indicating minor trend reversal towards downside. Any rise from current levels could be use for shorting. Add short positions when it breaks Rs 2,740.

Canara Bank

RECOMMENDATION: Sell
Last Close: Rs 484
Target: Rs 458
Stop Loss: Rs 503
The stock has formed a bearish engulfing kind of pattern at double top levels, which indicates minor trend reversal ahead. Momentum indicators on daily charts also suggest price a correction in near term. Maintain a stop loss of Rs 503.