Stock Tips for June 29, 2011: Buy Idea

Commentary

oi-Shoaib MD

By Shoaib Md

Published: Wednesday, June 29, 2011, 9:25 [IST]

Dow Jones Industrial Average gained 1.21% extending the previous day's rally, this was amid optimism that a solution for Greece's debt crisis has been arrived at this was ahead of the quarter's end. Therefore, it is likely that Indian indices too will open on a positive note. With this we bring to you the opinion of the experts on which stock to buy.

(Check out the recommendation on traders corner)

The website, Teachnicalanalysisofstocks, suggests to buy Idea Cellular for the target of Rs 85 with a stop loss at Rs 74. There argument is that the stck has a minor bottom formation.

Amit Harchekar, CMT, IIFL Private Client Group, IIFL, suggested the following stocks in Economic Times.

Yes Bank: This fast growing medium size bank has a buy recommendation on it with a target price of Rs 325 and a stop lossa t Rs 302. Yes Bank has given a breakout above the horizontal neckline of inverted H&S on Monday along with prices penetrating the hurdle resistance of 200-DMA. With such dual bullish confirmation, the stage is set for the stock to attempt its intermediate peak of Rs 341.

HT Media: Harchekar's recommendation is buy on this stock with a target price of at Rs 185 and stop loss at Rs 163. Breakout from 'flag' pattern on Tuesday's trading session has ended seven weeks of consolidation. Buying momentum in the counter could accentuate further. Appearance of 'Golden Cross' from 50 DMA and 200 DMA on the long term charts corroborates strength in the long term.

Tata Power: Buy the power stock with a target price of Rs 1,350 and a stop loss at Rs 1,260. Tata Power on daily charts has been sustaining above the neckline support of Rs 1,263 quiet comfortably and volumes have been improving in the past few days with price upticks. On the medium-term chart, bullish catapult is in process.

DLF: Harchekar recommends to sell this stock with a target price of Rs 210 and a stop loss at Rs 217. The stock is forming lower tops and lower bottoms, which suggests weakness. The oscillator is in process of entering into oversold zone but with no signs of reversal. Any pullback towards Rs 214 should be used as opportunity to initiate short position.

ACC: He also recommends to sell the cement company with a target price of Rs 987 and a stop loss Rs 960. The recent pullback in ACC has paused near the neckline of complex H&S top pattern. It has been facing hurdles in the range of Rs 985-995. The daily MACD has sustained below the reference line and the trade ratio tilts towards sell side.

Firstpost have picked Adani Power, DLF, GAIL, MRPL, ONGC, Crompton Greaves, Reliance Communications, Reliance Capital and Cairn India as the 9 stocks of the day.

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.