Stock Tips for Sept 29, 2011: Sell GE Shipping and Buy Gravita

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Stock Tips for Sept 29, 2011
All of the recommendations are based on the technical analysis. The recommendations cover a number of industry and different set of companies.

Sharetipsinfo recommends to sell Great Eastern Shipping below Rs 239 for the target price of Rs 232 and the stop loss at Rs 244. 

The website, technicalanalysisofstocks, has recommended to buy the stock of Gravita with the target price of Rs 425 and stop loss at Rs 390. Ther eis minor consolidation at the minor top.

Chirag Bavisi, Technical Analyst, Satco Securities & finance Services has suggested the following stocks as part of their recommendations for the day.

KPIT Cummins: There is a buy on this stock with the target price set at Rs 178 and stop loss at Rs 146. KPIT Cummins has been consolidating for the past few days and a breakout is likley above Rs 156. On the weekly chart, the stock is trading in a long-term upward, indicating bullishness.

Godrej Industries: Here again the recommendation is to buy with the target price of Rs 215-218. The stop loss recommended on the stock is Rs 182. Godrej Industries has been on a consistent upmove for the past few months and has tested the crucial support at around Rs 194 on daily charts. Indicators like RSI and Stochastic are positive and so there will be more upside up to Rs 251-219.

ABG Shipyard: For this company too there is a recommendation of buy with the target price of Rs 432-435 and the stop loss at Rs 387. ABG Shipyard is trading above all its major moving averages and may touch its recent high of Rs 432. On the weekly chart, it has given a consolidated breakout with high volumes. RSI ranges from 40 to 65 which indicates long-term uptrend for the stock.

Tech Mahindra: For this technology stock the recommendation is to sell the stock with target price of Rs 526 and place a stop loss at Rs 595. Tech Mahindra is consolidating in a rectangle channel and has broken its lower band, indicating a major fall up to the Rs 526 level. On the weekly chart, the stock has formed an inverse flag which shows weakness in the counter.

Renuka Sugars: The sugar stock has a sell recommendation on it with target price of Rs 48.10 and stop loss at Rs 57.80. On a daily chart, Shree Renuka Sugars has formed a head and shoulder pattern and has given a breakdown from the neckline. It has now retraced back towards its neckline and is likely to fall further.

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