Stock Tips for Sept 7, 2011: Buy ITC and Bombay Dyeing

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Stock Tips for Sept 7, 2011
The recommendations for intraday-trading include ITC, Bombay Dyeing, Infosys and many more. These are unique opportunities that have been discovered on the basis of technical analysis.

Sharetipsinfo recommends to buy the stock of ITC with the target price of Rs 207 and a stop loss at Rs 200.

The website, technicalanalysisofstocks, recommends to buy the stock of Bombay Dyeing. The target price for the stock is Rs 330 and a stop loss at Rs 292. The signal is that it is trying to cross the previous top with high volume.

Amit Harchekar, CMT, IIFL Private Client Group, IIFL, shares five-stock recommendation on Economic Times.

Infosys: There is a buy recommendation on this stock with a target price of Rs 2550 and stop loss at Rs 2200. A breakout from seven legged 'falling wedge' a week earlier has corroborated completion of five impulse down and the rally thereafter can be construed as Wave B retracement which should end near Rs 2,550 in the near term.

Bombay Dyeing: Here also the recommendation is to buy with a the target price set at Rs 345 and a stop loss at Rs 310. There is a reversal with 'double bottom' formation has turned the short term trend positive with oscillators trading in extremely oversold zone on the weekly charts. Thus a sharp spike remains a possibility. Convergence of multiple moving averages namely 5 DMA, 10 DMA.

Hindustan Unilever: There is a sell recommendation with the target price at Rs 295 and the stop loss at Rs 330. The long term charts of Hindustan Unilever is indicating a bearish formation of a 'rising wedge' on the monthly chart with support line prevailing at Rs 290.

ICICI Bank: There is buy recommendation and the target price set at Rs 930 and a stop loss at Rs 874. The ICICI Bank has retraced almost 50% of weekly 'morning star' pattern through Tuesday's trading session and closed near day's high. This has terminated the consolidation phase and the stock is on its way to attempt the neckline of inverted 'head and shoulder' pattern which it broke earlier.

Indian Overseas Bank: There is a sell recommendation on target of Rs 100 and a stop loss at Rs 110. IOB on the daily chart has been making a 'descending triangle' which is inherently a bearish pattern and a move below Rs 106 should aggravate selling pressure towards Rs 100 in the near term.

Firstpost has used a combination of event driven and technical analysis to recommend the following stocks.

Hindalco: This stock has a buy recommendation above Rs 156.50, with a target price of Rs 160. Hindalco has been one of the first stocks to turnaround after the carnage witnessed in the market over the last one month. The stock will also get momentum with the fall in Dollex, as metal counters generally move inversely.

Ranbaxy: Here the recommendation is sell below the price of Rs 473, and set the target at Rs 460. The pharmaceutical company, Ranbaxy moved sharply in the opening moments on Tuesday as news of it launching a generic product. The stock closed near the low of the day on Tuesday and can go down further.

Larsen & Toubro: The recommendation is buy above Rs 1,649 for the target of Rs 1,675. The stock is close to its previous top and resistance level of Rs 1,650. If it manages to move higher on good volume the stock can touch Rs 1,700 over the next few days.

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GoodReturns.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.

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