Stock Tips for June 24, 2011: Buy Reliance Industries

Commentary

oi-Shoaib MD

By Shoaib Md

Published: Friday, June 24, 2011, 9:16 [IST]

We bring to you today's recommendation of stocks from various experts just as they have stated through some media.

(Also read: Traders Corner by Rajesh V)

ShareTipsinfo has recommended the stock of Bombay Dyeing to be traded on the future intraday. Buy the stock above Rs 336 with a target of Rs 346-350. Place the stop loss at Rs 330.

The website, technicalanalysisofstocks, has placed a buy recommendation on Orchid Chemical & Pharmaceuticals with a target price of Rs 268 and a stop loss at Rs 230.

Amit Chedda, Head-Equity, Inventure Growth & Securities, recommends the following stocks in Economic Times.

Reliance Industries: This stock has a buy recommendation with a target price of Rs 895 and a stop loss at Rs 855. Reliance Industries has been in a trading range for the past two years. The stock has touched its lower band of the trading range. we expect a technical pullback from these levels. The stock could be bought for the targets of Rs 895.

Tata Motors: The automobile company too has a recommendation of buy witha target price of Rs 994 and a stop loss at Rs 930. Tata Motors has seen significant correction in the past one month. The stock is currently trading at its long-term trendline support and is expected to bounce back from these levels. Traders can buy the stock for the target of Rs 976.

Allahabad Bank: Chedda has recommended a target price of Rs 195 and a stop loss Rs 185 on this bank. Allahabad Bank has multiple supports at around Rs 183-185. The stock has given a hammer candle on Thursday, which is bullish trend reversal candle pattern. We expect the stock to rise to the target of Rs 195.

Neyvelli Lignite: There is a buy recommendation this stock too with a target price of Rs 97-100 and a stop loss at Rs 91. Neyvelli Lignite has formed a double bottom at Rs 92. Technically, double bottoms indicate bullish trend reversal. traders can buy the stock with a stop loss of Rs 91 and the target would be Rs 97 on the upside.

Ranbaxy: The pharmaceutical company too has a buy recommendation on it with a target price of Rs 520-528 and a stop loss of Rs 503. Ranbaxy has been in a constant uptrend. It recently made a high of Rs 554, since then it has corrected to Rs 504. Now it is set to resume its uptrend. Traders can buy the stock with the stop loss of Rs 503.

Firstpost have picked DLF, Patel Engineering, JP Associates, ACC, Dena Bank, Oriental Bank, Tata Motors, Vijaya Bank and Hero Honda as the 9 stocks of the day.

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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.