Stock Tips for June 22, 2011: Sell Cummins India

Commentary

oi-Shoaib MD

By Shoaib Md

Published: Wednesday, June 22, 2011, 10:08 [IST]

The market experts are getting jittery thinking about the possible reactions if the black swan reveals once the Greece defaults. But this should not concern the traders as the option to go long and short at the same time is available, hence making money on both sides of the market movements. With this in mind we bring you the expert's recommendation that we could gather.

(Also read recommendations by Rajesh V based on Technical charts)

Rajesh Jain, EVP & Head - Retail Research, Religare Securities, has recommended the following stocks in Economic Times.

Cummins India: Jain has recommended a sell on this stock with a target price of Rs 630 and a stop loss at Rs 690. Jain said, the stock trades close to its 10-week low levels and has closed below the 200-day moving average for the past two consecutive sessions. It is also forming a down-slanting channel on daily graphs, indicating more downside in near future.

Gujarat Minerals: He recommends to buy this stock with a target price of Rs 158 and a stop loss of Rs 139. The stock has been in steady uptrend for the last threee months and still shows potential for more upside. It trades above short-term moving averages, indicating continuation of rally and at current levels one may initiate buy positions.

Jaiprakash Associates: This stock has sell recommendation, Target price for the stock is Rs 68 and stop loss at Rs 80.50. The stock has formed symmetric traingle pattern on daily charts. It has given a breakdown from the same. It is also trading very close to its February lows around Rs 70 and a break below the same may give way to more selling pressure.

Jindal Steel & Power: This stock too has a recommendation of sell with a target price of Rs 576 and a stop loss at Rs 639. On daily charts, the stock has formed a symmetric triangle. It has given breakdown from the same and has completed a pullback rally, making fresh selling pivot. It is giving a breakdown from the same. One can short sell the stock around Rs 626-630.

The website, Technicalanalysisofstocks, recommends a buy on Ucal Fuel. It states that there is a bullish engulfing pattern with high volume. The target price for the stock is Rs 88, where as stop loss should be maintained at Rs 78.

Meanwhile, Sharetipsinfo recommends the stock CESC to sell below Rs 266.50 with a target price of Rs 262.50 and a stop loss at Rs 269.50

Firstpost have picked Hero Honda, REC, Voltas, JP Associate, Bank of Baroda, Patel Engineering, Grasim, NALCO and HUL as the 9 stocks of the day.

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