Today's top picks chosen by Rajesh Jain, EVP & Head of Retail Research, Religare Securities on Economic Times are as following.
Bombay Rayon: He has recommended to buy this stock with a target price of Rs 2,400 with a stop loss Rs 282. The stock has formed a rounding bottom formation on daily charts. After showing good momentum, the stock has taken a pause. Currently, it is trading in a narrow range of Rs 284 to Rs 289 and is on the verge of a breakout. Buy at Rs 286-288, with stop loss below Rs 282.
Dr Reddy's Labs: Here the recommendation is to sell the stock with a target price of Rs 1450 with a stop loss Rs 1605. The stock was trading in a rising channel since nine weeks. After breaking from this channel, it has tested the 200-EMA on daily charts. Now, it is on the verge of a breakdown from the same. Lower tops and lower bottoms are also confirming the weakness. Short sell at current levels with stop loss of Rs 1,605.
Dabur India: Jain advises to buy this stock with a target price of Rs 112 with a stop loss Rs 101.50. He says, Dabur has broken out from its 29-week consolidation between Rs 88 and Rs 106 and sustaining above this range may take the stock to Rs 112 in the short term. It is one of the few stocks trading near the all-time highs and if we see a breakout, the move can be fast.
Jindal Steel & Power: His recommendation is to sell the stock with a target price of Rs 580 with a stop loss Rs 645. On daily charts, the stock has formed a symmetric triangle. It has given a breakdown from the same and has completed a pullback rally. One can short sell the stock around Rs 630-635, with a closing stop loss of Rs 645 for target of Rs 580.
On another website, Sharetipsinfo, the inhouse expert has suggested to benefit from Cipla on intra-day. The recommendation is to buy cipla at Rs 312-311 with the target of Rs 320. Meanwhile maintain the stoploss at 309
Where as Firstpost.com has picked the following stocks on its list to follow in today's market Financial Technologies, Voltas, Tata Motors DVR, Indian Hotels, Pantaloon, Patel Engg, ITC, GAIL and Hotel Leela.
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