Stock Tips for today, Aug 8, 2011: Buy Canara Bank and sell Sterlite

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Stock Tips for today, Aug 8, 2011
Today we have brought you just the kind of tips that should help you make profit irrespective the direction of the Sensex.

Based on charts the webste, technicalanalysisofstocks, has recommended to buy NMDC for its bullish engulfing pattern. The stock has a target price of Rs 261 and the stoop loss is suggested to be placed at Rs 226.

Shardul Kulkarni, Sr Technical Analyst, Angel Broking, suggest the following stocks on Economic Times

Canara Bank: The banking stock has a recommendation of buy for a target price of Rs 461 and stop loss at Rs 426. The stock has managed to give a close above its 61.8% Fibonacci retracement levels of its entire bull run. Momentum oscillators on daily chart are in an oversold condition and a bounce in the stock is likely. Buy this stock only above Rs 436 for a target of Rs 461 in the coming 2-3 weeks.

IRB Infra: For this stock too the receommdatom is buy with a target price of Rs 180 and stop loss at 153.75. The stock has taken a support near it historical support level of Rs 147 and has formed a "Bullish Engulfing" Japanese candlestick pattern which indicates possibility of a price reversal in near term. Buy this stock on decline up to Rs 158 for a target of Rs 180 in the coming 2-3 weeks.

ONGC: For this stock also the recommendation is buy with a target price of Rs 293 and stop loss at Rs 275. On the daily chart, the stock is facing a downward sloping trend line resistance at Rs 280.50. Momentum oscillators on daily chart suggest a breakout from this level. We advise buying the stock only above Rs 280.60 for a target of Rs 292 in the coming 1-2 weeks.

Sterlite Industries: Kulkarni suggests that there is a recommendation of sell with a target price of Rs 128 and a stop loss declared at Rs 156. He said that the on a weekly chart, the stock has given a "descending triangle" pattern breakdown. Momentum oscillators on a weekly chart suggest possibility of a downward movement in coming sessions. Sell this stock only in the range of Rs 146-150 for a target of Rs 128 in the coming 2-3 weeks.

BF Utilities: Here also the suggestion is to sell the stock with a target price of Rs 540 and stop loss at Rs 628. We are observing a "Descending Triangle" pattern breakdown on daily chart. Momentum oscillators on weekly chart are negatively poised. We advise selling the stock only below Rs 602 for a target of Rs 540 in coming 1-2 weeks.

Firstpost has recommended three stocks for today which are.
Sun Pharma (Buy above Rs 504; target Rs 520)
Divis Lab (Buy above Rs 807.70; target Rs 825)
Tata Motors (Sell below Rs 870; target Rs 850)

Your feedback is valuable to us. If you have an opinion, or would like to share your thoughts on stocks, investments, business policy or companies mail at money(at)oneindia(dot)co(dot)in or at md.shoaib(at)oneindia(dot)co(dot)in DISCLAIMER: GoodReturns 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. GoodReturns 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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