Stock picks for August 28, 2012

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Stock picks for August 28, 2012
Here are a few stock ideas with a long-term perspective in mind.

Canara Bank: Sudarshan Sukhani, advice traders to short Canara Bank and Vijaya Bank at current levels.

Sukhani told CNBC-TV18, "Canara Bank probably qualifies as one of the big short sells and so do Vijaya Bank and PNB. So these are names that we are tracking for selling, but it doesn't mean the others can't be. I think last week also I said something is going on in PSU banks which we don't understand. But the charts are telling us something terrible is coming."

Reliance Industries: Ambareesh Baliga, Market Analyst advice traders to buy Reliance Industries around Rs 750-755.

Baliga told CNBC-TV18, "One of the few stocks on which I am positive this time but then if the market overall is weak then you cannot expect Reliance Industries to go against the market although it could be a leader going ahead. So the downside for RIL, assuming the markets continue to be weak is about Rs 750-755. At those levels I would again start buying."

Bharti Airtel: One can hold Bharti Airtel, if crosses the level of Rs 245, as the stock is expected to rally to Rs 260-262 levels, says Kunal Bothra, Sr Technical Analyst at LKP.

Bothra told CNBC-TV18, "Looking at the candlestick charts of Bharti Airtel for two days; on Thursday and Friday it had a doji pattern which we call, it's a reversal pattern especially at significant tops and bottoms. So the short-term charts indicates that if the level of Rs 245 which was the previous support and if that gets, hold the stock it might rally to Rs 260-262 levels."

IDBI Bank: Magnum is bullish on IDBI Bank and has recommended buy rating on the stock with a target of Rs 111 in its August 25, 2012 research report.

"IDBI Bank reported a decent set of numbers for Q1FY2013 with operating profit up by 9.5% on YoY basis to Rs 1,129.1 crore. IDBI Bank reported a flat PBT up by 2.8% due to higher provisioning done in Q1FY13. At the CMP Rs 85.00, the stock is trading at 4.46 x and 3.96 x FY13E and FY14E earnings and at 0.57 xs and 0.53 x P /ABV FY13E & FY14E respectively. We value the Bank at 0.75x FY13E Adj. BV of Rs 148 and hence we maintain our BUY recommendation on the stock with revised target price (TP) of Rs 111.00 (earlier target price Rs 131.00)."

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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Story first published: Tuesday, August 28, 2012, 8:26 [IST]
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