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Stock picks for August 8, 2012

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Updated: Wednesday, August 8, 2012, 9:04 [IST]
 
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Stock picks for August 8, 2012

Here are a few stock ideas that could help discerning investors in the medium to long term.

Bharti Airtel: Ambeerish Baliga is bullish on Bharti Airtel and has recommended buy rating with a target price around Rs 294.

Baliga told CNBC-TV18, "I suppose Bharti Airtel results would be in line with what most of us are expecting but then I suppose going ahead the way I see it is that the tariffs have bottomed out and should move up in the next couple of months. So, I think this could be more or less the bottom for Bharti. Maybe the downside which I see is not more than Rs 290-291 so at Rs 294 one should buy it."

HDFC Bank: Amit Harchekar of IIFL advice traders to short HDFC Bank as it may slip to Rs 545- 550 in the near term.

"HDFC is clearly showing a negative divergence on the RSI and when we look into HDFC Bank, the stock is facing resistance at Rs 610 it becomes a good short candidate for a target of Rs 545- 550 in the near term."

IIFL has also recommended to go short on HDFC  Aug Fut above Rs 718 with stop loss of Rs 738 for target of Rs 678, in its August 7, 2012 research report.

Renuka Sugars: IIFL is bullish on Shree Renuka Sugars and has recommended buy rating on the stock with a target price of Rs 37.50 in its August 7, 2012 research report.

"Shree Renuka Sugars has been showing resilience in last two weeks with low of Rs 29 holding firmly despite volatile markets. Such a higher bottom formation thus has resulted into a bullish pattern which implies that downside risk in Renuka Sugar is almost over. We recommend buying Renuka Sugars above Rs 34.40 with stop loss of Rs 32.70 for target of Rs 37.50. (Duration 7 days)," says IIFL research report.

IVRCL: Angel Broking is bullish on IVRCL Infrastructures and Projects Ltd and has recommended buy rating with target price of Rs 61. IVRCL has bagged orders worth Rs 620 crore in the transportation, building and power division.

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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.

Topics: stock picks
Story first published:  Wednesday, August 8, 2012, 8:45 [IST]
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