Stock Recommendations

BSE Sensex (26813) was under the bear grip for 3rd consecutive session and corrected by more than 1350 points from 27900 to 26550 odd levels. Although in the last hour of session it witnessed a sharp recovery but finally closed negative by 25 points near to 26800 levels. Now it needs to hold 26750 and to reclaim psychological 27000 marks to negate its immediate negative trend of the market. On downside if it fails to hold 26700 then weakness may continue towards 26500 and 26250 levels

INTRADAY PICKS

Bharat Heavy Elect. Ltd (LTP: 248) SELL For today's trade, short position can be initiated only in Rs.252-255 range for target of Rs.240 with a strict stop loss of Rs.258.

Just Dial Ltd. (LTP: 1110) BUY For today's trade, long position can be initiated only in Rs.1090-1080 range for target of Rs.1150 with a strict stop loss of Rs.1070.

BPCL has been continuously managing to hold its gains even after a recent sharp decline in the broader market. It has seen support based buying and making higher top – higher bottom formation on weekly chart. In last four trading sessions it has taken support near to 830 zones and well placed to start the next round of momentum as it is trading near to its life time high territory. One can buy the stock between Rs.853 to 861 with stop loss of 838 for the upside target of 895 levels.

HAVELLS is moving after a long consolidation of last 14 trading sessions and made a strong bottom out formation with the support zone of 265 marks. It is all set to surpass its falling supply trend line after a correction of last two series. It is making an attractive pattern with better risk reward ratio. So we are recommending to buy the stock between Rs.271 to 274 with stop loss of 267 levels for the immediate upside target of 283 levels. 

Technical Stock Recommendations

Colgate Palmolive has given a breakdown from rising channel pattern with comparatively high volume and later even failed to head above its 20-day EMA & 50-day EMA, which is quite a negative sign for the stock. Negative cross-over in Stochastic (5,3), RSI below 40-mark and falling MACD (12,26,9) are also signaling weakness in the stock. As per the above factors, we believe the stock will remain in pressure and visit its 200-days SMA and lower band of the falling channel thereafter, however a rebound from here will provide an opportunity with better risk reward.

Thus, for today's trade, short position can be initiated only in Rs.1,980-2,000 range for target of Rs.1,800 with a closing based stop loss of Rs.2,060.