Stock Tips for June 28, 2011: Buy CMC

Commentary

oi-Shoaib MD

By Shoaib Md

Published: Tuesday, June 28, 2011, 9:36 [IST]

Many experts are worried over the fact that we are still below the 200 Day Moving Averages (DMA) of 5,752, and even the standard Dow Jones seems to be nearing the position to break the 200 DMA of 11,776 in the short term. But even then, there will be opportunities in specific stocks. And with this focus we bring to you today's stock tips.

(Also find out the recommendation in traders corner)

ShareTipsInfo recommends the information technology company CMC for intraday trading. The suggestion is to buy the stock above Rs 1,118, the target price for the stock is Rs 1,150-1,185 with a stop loss at Rs 1,100.

Shrikant Shetty, Head-equity advisory, Unicon Securities recommends the following stock in Economic Times

Reliance Capital: Shetty recommends a buy on this stock, as he considers it to be oversold. He suggests a target price of Rs 600 and a stop loss at Rs 540. He says, "RELCAPITAL has closed positive and above trendline resistance at Rs 51 on daily charts with decent volume support. Daily RSI has shown positive crossover into oversold territory, which will tend to support reversal action if it occurs. The target is Rs 600."

Andhra Bank: This stock too has a buy recommendation on it with a target price of Rs 144 and a stop loss at Rs 129.
On weekly charts, Andhra Bank has closed with bullish hammer formation, which indicates positive sentiment in short-term trading prospective. A clear double-bottom pattern and support zone at Rs 131-133 indicates stock may see upside till resistance levels of Rs 142-144.

Glenmark: Here too the recommendation is buy with a target price of Rs 340 and a stop loss at Rs 308. Glenmark has closed above important resistance zone and looks positive from a short-term perspective. The RSI and stochastics are indicating positive crossover, the momentum oscillators suggest possibility of an uptrend in short term. We advise buying Glenmark at support zone.

Lupin: The pharmaceutical company also has a buy recommendation with a target price of Rs 474 and a stop loss at Rs 435. The momentum oscillators on daily charts suggest buying pressure at support zone. On daily chart, LUPIN has closed with a bullish engulfing pattern and has been trading above long-term moving average at Rs 434, which indicates positive sentiment in short term trading.

Voltas: Here also the recommendation is buy with a target price of Rs 174 and stop loss at Rs 153. On monthly charts, the stock has closed with bullish reversal candle formation and price crossover above 5-DMA at Rs 157.5, which are positive bias in short-term trading prospective. Trend is likely to remain positive over the next few trading sessions.

Firstpost recommends the following stocks that should be tracked Adani, Gail, ONGC, DLF, Bajaj Auto, Bajaj Hindustan, Chambal Fertiliser, Orichid Chemicals and MRPL.

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