Buying using technicals means that you don't have to worry about the fundamentals but instead make decisions based on the behaviour of the buyers and sellers are like.
Sharetipsinfo recommends to sell the stock of Hindalco below Rs 167 with a target price of Rs 162-158. The stop loss should be placed at Rs 171.
The website, technicalanalysisofstocks.in, recommends the stock of Ambuja Cement. Their rationale is that the stock has bullish engulfing pattern with very high volume.
Amit Chheda, Head-Equity, Inventure Growth & Secs suggested the following stocks in Economic Times:
Reliance Communications: This stock has a buy recommendation on it with target of Rs 113 and stop loss at Rs 98. Recently, RCOM has given a technical breakout of a trendline resistance. Higher volumes in the breakout suggest fresh buying and short-covering. After a long time, telcos are showing some pricing power, which could help the stock go up further.
Rajesh Exports: The recommendation to buy this stock is based on the target of Rs 120 and a stop loss is Rs 105. Rajesh exports has been in a consistent uptrend making higher tops and higher bottoms. One can buy for a target of 120 in the near term. Strong support may come at 105. And any dip could be used to buy.
GSPL: Here too Chheda has recommended a buy with a target price of Rs 120 and a stop loss at Rs 96. The recent move suggests clear case of trend reversal where it has made a higher swing top suggesting a good upmove in the near term. One can trade the stock for a target of Rs 120. The stock has recently given higher volumes to suggest there is lot of steam left for upside.
Suzlon: There is buy suggestion here with a target price of Rs 57 and a stop loss at Rs 50. Suzlon is trading in a tight range showing good volumes. The stock is set to give a breakout of the range. Trade the stock with a stoploss of Rs 50 for the targets of Rs 57, which is the top end of the range. Any breakout above Rs 57 can take the stock to Rs 65 in the near term.
Grasim: For this textile stock the recommendation is to buy for a target price of Rs 2340 and a stop loss at Rs 2120. Grasim has recently bounced back from strong supports of Rs 1,975 and rallied up to Rs 2,260. Post-rally, it retraced 50% to take strong supports at Rs 2130. We recommend 'buy' with a stoploss of Rs 2,120 and trade for the targets of Rs 2,340.
Firstpost suggests the following nine stocks tokeep track of the during the entire day: Bajaj Auto, Exide, DishTV, EKC, Tata Motors, GAIL, Bank of Baroda, Divi's lab and CESC.
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