Stock Tips for June 9, 2011: Buy Jindal Steel

Commentary

oi-Shoaib MD

By Shoaib Md

Published: Thursday, June 9, 2011, 10:14 [IST]

June 9, 2011. With Nifty being range bound, man experts have stated that it is unpredictable at this moment on which direction and to what level will Nifty move. But they all agree that it is possible to find out about the movement of individual stocks and they always suggest it as well. We bring to you today's recommendation.

Sharegyan has recommended to sell Jindal Steel below Rs 631 with a target price of Rs 621-618 and place a stop loss at 631. This is an intraday trade.

Meanwhile Sharetipsinfo has suggested Onmobile for intraday. It recommends a buy on on the stock above Rs 115.50 with a target price of Rs 118-120. Place a stop loss at Rs 113.

And the website, Technicalanalysisofstocks, recommends buy on UCAL Fuel with a target price of Rs 89 and a stop loss at Rs 89. According to the charts, it suggests a breakout any time since there is consolidation near minot top.

Amit Trivedi, Technical Analyst, KR Choksey Shares & Securities suggests the following stocks on Economic Times.

Oriental Bank of Commerce: Trivedi has recommended a buy on this banking stock with a target price of Rs 375 with a stop loss of Rs 333. According to the charts OBC has witnessed a breakout of the symmetrical triangle chart pattern on the daily charts, collaborating positive movement in momentum oscillators. Successive break above its 50-DMA around Rs 355 may help the stock retest its recent peak of Rs 380.

IFCI: He recommends buy on this stock as well. The target price he suggests is Rs 52 with a stop loss at Rs 46.40. His view is that after making a recent low at Rs 44, IFCI has been consolidating with positive bias and has formed a long bullish candle, indicating possible minor trend reversal towards the upside. Positive crossover on the momentum oscillators confirms the positive view.

Jet Airways: The analyst recommends a buy on this Airways company with a target price of Rs 490 and stop loss at Rs 446. The stock has seen a breakout of bottom triangle formation on comparatively higher volumes, indicating the short-term trend reversal towards upside. Short term outlook for the stock remains positive as long as the level of Rs 446 remains intact.

GAIL: Here Trivedi recommends a sell with target price of Rs 420-410 and a stop loss at Rs 456. The stock has seen a downward breakout of the flag formation on the daily chart. Also, the price has been consolidating with a negative bias after breaking the support of 50-200 DMA levels, indicating a bearish outlook for the stock.

Grasim: The recommendation here is sell with a target price of Rs 2,190 and a stop loss at Rs 2,338. The stock has been forming lower tops and lower bottoms on the daily chart since the past two months. Also, the most crucial support at DMA levels has been violated, which indicates a bearish movement in the stock.

Firstpost suggests to monitor these stocks closely for the day-- Sun TV, Kingfisher Airlines, Kotak Bank, EKC, Dish TV, BHEL, Titan, Dena Bank and HCC.

OneIndia Money DISCLAIMER: OneIndia Money 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. OneIndia Money does not take any responsibility for any losses incurred by investors who take their cues from the above article.