Stocks Recommendations

SENSEX (27837) BSE opened gap up and witnessed a calm and smooth session as compared to the volatile move of previous sessions. It consolidated near to its 27800 levels for most part of the day and ended 192 points higher in trades on the back of buying across the board. Now, the index needs to continue to hold above 27800 levels for the bulls to take the index towards 28000 levels. However if the index breaks the support

level of 27700 then profit booking might be seen till 27500 then 27300 levels. 

INTRADAY PICKS

Bharat Heavy Elect Ltd (LTP: 231) SELL For today's trade, short position can be initiated only in Rs.234-237 range for target of Rs.220 with a strict stop loss of Rs.240.

CESC Ltd (LTP: 590) BUY For today's trade, long position can be initiated only in Rs.582-576 range for target of Rs.600 with a strict stop loss of Rs.572.

HCLTECH gave a strong break out from a triangle formation on daily char in previous session by giving a gap up opening and also breached its falling supply trend line on weekly chart. The RSI indicator is also indicating strength in the stock and showing the potential to move further towards 983 levels. Thus traders can buy the stock between Rs.940 to 950 with stop loss of 924 for the upside target of 983 levels.

SIEMENS is narrowing from last two trading day and consolidating in previous sessions range. It is moving up with rise in trading volumes and trading above its 35, 13 and 50 DMA. It gave the highest daily close of last 11 trading sessions and 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 Recommendations

Mahindra & Mahindra is moving in falling channel pattern from last two and half month, where the band size is 130-150 points. Currently, the stock is facing hurdle around its upper band, as it closed on a negative note from last two trading sessions in a row. Negative cross-over in Stochastic (5,3) around overbought zone and decline in RSI (14,9) around 60-mark are also signaling weakness in the stock. As per the current set up, we believe stock will remain in pressure and visit lower band of the channel in short-term.

Thus, for today's trade, long position can be initiated only in Rs.1,265-1,285 range for target of Rs.1,140 with a closing based stop loss of Rs.1,310.