Stock Tips for June 23, 2011: Buy Core Projects

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Stock Tips for June 23, 2011: Buy Core Projects
It has been reported that the Indian government will raise diesel, cooking gas and kerosene prices next month as cash-strapped firms say their borrowings have risen. But untill its not increased let us take you through today's recommendation.

(Also read: Scrip Tip for the day by Rajesh V)

Share Gyan recommends to buy Core Projects & Technologies above Rs 295.5, with a target price of Rs 300-305 and place the stop loss at Rs 291.

The website, Technicalanalysisofstocks, recommends the stock Tech Mahindra with a stop loss of Rs 660 and a Target price of Rs 705. Its rationale is that 13 day simple moving average curve crossed, Dragon Fly Pattern.

Shrikant Chouhan, Senior Vice President (Technical Research), Kotak Securities states in Economics Times the following five stocks for the day.

McLeod Russel: Chouhan recommends a sell on this stock with a target price of Rs 230 and a stop loss at Rs 261. The stock has broken an important support at Rs 255 and closed below it on a daily basis. It seems that the stock has completed its pullback rally at Rs 275 and reversed back sharply. We may expect it to touch te level of Rs 230 in the near term.

Tata Chemicals: The chemical company also has a sell recommendation with a target price of Rs 3320 and a stop loss at Rs 365. The stock has formed lower top at Rs 385 and failed to survive above Rs 355 on closing basis. Even the whole pack of fertiliser and chemical shares remained under pressure and may witness more selling. We can trade short into the stock with a final stop loss at Rs 363 for the target Rs 332.

Reliance Infra: The story is no different here, Chouhan recommends a sell here too with a target price of Rs 500 and a stop loss at Rs 541. The stock has broken bearish consolidation at Rs 535 and closed below it in the last two days. We may expect sharp cut if it falls to trade above Rs 541. It will see next major support only at Rs 500 level. As the stock is having high beta, we can expect quick downward move.

TCS: The recommendation for this stock is buy with a target price of Rs 1190 and a stop loss at Rs 1030. The stock is near to its important support of Rs 1060/1065. As per retracement theory, there may be value buying at major support level of Rs 1050 where the stock was quoting for several weeks in February and March. We may see the stock bouncing back to Rs 1190 levels again.

Idea Cellular: Here also the recommendation is buy with a target price of Rs 79 with a stop loss at Rs 720. After correcting from its recent high of Rs 80.50, the stock may arrest at Rs 74/73 from where we expect it to restart a short-term pull-back to retrace the current sell-off. Recent correction is not supported by volume and technical indicators. Buy around Rs 74 with a tight stop loss at Rs 72.

Firstpost recommends to keep an eye on the following stocks for the day: Ashok Leyland, Balrampur Chini, Bank of Baroda, DLF, Grasim, Patel Engineering, JP Associates, BATA and Hero Honda.

*If you know a credible source for stock tips which you would like to be covered or you are an analyst who would like to share expert commentary and insight on our website, then mail us at

**Note: Editorial team at OneIndia Money retains the right to publish.

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: bse, stock tips, nse, sensex, nifty
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