Stock tips for May 31, 2011. Buy Axis Bank

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Stock tips for May 31, 2011. Buy Axis Bank
XXWhile Mark Mobius may say that another financial crisis is being built up, and Oil India Ltd may be considering another round of petrol price hike. Meanwhile, we bring to you the recommendation from different experts that have been shared with the media, so that you can make profit of it.

Sharetips have suggested Redington India for intra-day trading. Their recommendation is to buy the stock around 84.50 with a target price of Rs 89 and a stop loss of Rs 83.

Shrikant Shetty, Head-equity advisory, Unicon Securities has recommended the following stocks on the website of Economic Times. He considers the following 5 stocks as hot stocks to follow for the day.

Axis Bank: Shetty has recommended a buy on this stock. He considers a target of Rs 1,295 with a stop loss of Rs 1,220 for Axis bank. Shetty points that the bank has bullish hammer candle stick on weekly charts with good volume support. The stock has closed above the short-term 20-day moving average support at Rs 1,220. Weekly RSI has shown positive crossover into the oversold territory.

Hindustan Oil Exploration: Buy this stock with a target price of Rs 220 and a stop loss of Rs 170. On weekly charts, Hindustan Oil Exploration has formed multiple support base with decent volume support on a weekly basis and the RSI and stochastics are indicating positive crossover, the momentum oscillators suggest possibility of an uptrend in the short term.

Venky's India: Shetty recommends this stock to buy with a target price of Rs 720 and a stop loss of Rs 575. He said that Venkey's has a positive crossover above Rs 600 on daily charts, with decent volume support. The stock is above the 65-DMA, which indicates the stock may target Rs 720. Daily RSI has shown positive crossover into oversold territory.

Tata Power: Here the recommendation by the technical chartist is to buy with a target price of Rs 1,300 and stop loss of Rs 1,170. On weekly charts, Tata Power has closed with a bullish hammer with good volume support and trendline support at Rs 1175, which indicate positive sentiment in short-term trading. We expect the momentum to continue till Rs 1300 on the upside (resistance zone).

JSW Steel: The stock recommendation here is to buy with a target price of Rs 1050 and a stop loss of Rs 925. The momentum oscillators on daily charts suggest buying pressure above at Rs 950 resistance zone. On weekly chart, it has been trading above the 65-DMA crossovers at Rs 930, which indicates positive sentiment in short-term trading. The potential target is Rs 1050.

Firstpost have suggested to keep an eye on the following stocks: Reliance Power, Petronet, Educomp, Yes Bank, Allahabad Bank, Bharat Forge, JP Power, PFC and Canara Bank.

OneIndia Money DISCLAIMER: OneIndia Money provides you with information covering shares, futures and options based on broker's reports as stated on various media. Investors are, however, warned that they should NOT take any buy or sell decision based on these views expressed in the article. Investors should consult their own financial and share advisors before taking purchase or sale decisions. OneIndia Money does not take any responsibility for any losses incurred by investors who take their cues from the above article.

Read more about: stock tips, bse, nse, nifty, sensex
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