Stock Recommendations

SENSEX (28561) BSE Sensex opened positive and witnessed a roller coaster trade as it was swinging between the positive and negative territory. After recording a low of 28274 the index gained momentum in the last hour and closed positive with the marginal gain of 12 points. Now, it has to hold above 28500 levels to continue the buying interest towards

28750 and psychological 29000 levels while on downside immediate support exists at around 28250 and 28000 levels

STOCK IN FOCUS

India Cements (ICL) surged ~5% in yesterday’s trade on above average volumes. We continue to believe that the expected pickup in sales volume, firm pricing environment, enhanced synergy in operating efficiency on account of captive power / initiatives to revive vintage plants, etc., are likely to ensure adecent recovery of ICL’s profitability in ensuing years. 

Notably, given the recent proposed restructuring pertaining to hiving-off of Chennai Super Kings, we believe that ICL is concerned about its dwindling profitability and will take all possible efforts to bring it back on track. Further, ICL will be benefitted most with the possible pick up infrastructure activities in new formed Telangana and Seemandhra states. 

Hence, we maintain our Buy rating on the stock with a Target Price of Rs179.

INTRADAY PICKS

JSWSTEEL (LTP: 938) BUY For today's trade, long position can be initiated only in Rs.920-915 range for target of Rs.950 with a strict stop loss of Rs.906. 

SYNDICATE BANK (LTP: 102) BUY

For today's trade, long position can be initiated only in Rs.101-99 range for target of Rs.107-110 with a strictstop loss of Rs.98. 

SNOWMAN LOGISTICS is forming higher highs- higher lows from last two weeks and negated its negative trend forming a support base at 80 levels. It crossed and closed above its immediate hurdle of 87 levels and looks attractive to move towards 90 and higher levels. Traders can buy the stock between 85 to 90 with stop loss of 83 for the upside target of 90 levels.

BAJAJ AUTO is moving after a correction from 2700 to 2000 and has formed a strong support near to 2000 levels which is working well from last four years. It breached it 13DMA and moving towards its 50DMA and also looks attractive in terms of risk reward ratio. It has negated its negative channel and now all set to move towards 2146 and higher levels. Traders can buy the stock between 2054-2064 with stop loss of 2023 for the upside target of 2146 levels.