Stock Recommendations

SENSEX (27687) BSE Sensex opened the week on a positive note and continued its northward journey as it crossed and closed above its hurdle of 27600 levels. The bulls were in full swing throughout the session, making index to close in positive territory with a gain of 363 points. Now index needs to hold above 27600 levels to continue its bounce back move towards 27800 and 28000 levels while on the downside, support exists at around 27500 levels and below that bears may again drag the index towards 27200 and 27000 levels.

INTRADAY PICKS

Hindalco India (LTP: 139) SELL For today's trade, short position can be initiated only in Rs.142-144 range for target of Rs.145.50 with a strict stop loss of Rs.135.

Hindustan Unilever (LTP: 853) BUY For today's trade, long position can be initiated only in Rs.840-832 range for target of Rs.870 with a strict stop loss of Rs.826.

INDUSINDBK is forming higher highs - higher low formation on daily chart. The RSI indicator and MACD crossover are suggesting buying interest to remain in the stock which may continue its immediate up trend to move toward 367 and higher levels. It is moving after taking support at its 13 DMA and is heading towards 50DMA. Traders can buy the stock between Rs.829 to 837 with stop loss of 816 for the upside target of 867 levels. 

SIEMENS is holding the gains as it is moving upwards with rising trading volumes even after the recent volatile market movement. It has given its highest closing of last 9 trading sessions. The stock is trading above all the short and medium term moving averages which also support our positive view on the stock. Thus, traders can buy the stock between Rs.1366 to 1380 with stop loss of 1345 for the upside target of 1429 levels.

Technical Stock Recommendation

Mind Tree Limited witnessed decline of 27.6% (i.e. fall fromRs1,590 to Rs1,151) post registering alltime-high, but later reversed after visiting its 200-days SMA and gradually managed to recover partial loss. Currently, stock is trading above its major moving averages and all of them are sloping upwards, which is a positive sign. Rising Stochastic (5,3), RSI (14,9) above 50-mark and MACD (12,26,9) above the neutral line are also in favor of price rise. Though, our short-term technical view is positive on the stock, we believe fresh long position can be initiated only on minor decline for better risk reward.

Thus, for today's trade, long position can be initiated only in Rs.1,320-1,300 range for target of Rs.1,500 with a closing based stop loss of Rs.1,240.