ICICIdirect.com is bullish on Titagarh Wagons and has recommended buy rating on the stock with a target of Rs 414 in its December 10, 2012 research report.
"The share price of Titagarh Wagons (TWL), a key player in the manufacture of railway wagons has been in a major downtrend since the November 2010 high of Rs 561. After hitting the major trough of Rs 292 in March 2011, the stock has been oscillating in the range of Rs 440290 for the past 18 months. Between June and September 2012, the stock price hit the Double bottom around Rs 290 and rallied over the past couple of months to complete the Double bottom formation during last week. Last week, the share price rallied over 3% thereby completing the Bullish Double bottom formation. Pattern implication project upsides towards Rs 414 over the medium term. The price target is calculated by measuring the depth of the pattern (352-290 = 62 points) and adding the same to the break-out level (352 + 62 = 414). Volumes during last week were the five week average, which indicates a larger participation and, therefore, validates the breakout."
Rajesh Agarwal, Eastern Financiers is of the view that one can buy NMDC at around Rs 140 levels. ", I think it can move upto Rs 180-185 in the next 9-12 months," he adds.
Agarwal told CNBC-TV18, "I think one can buy NMDC at around Rs 140 levels if it comes to those levels because if I look at the fundamentals, it is pretty strong, it is one of the largest domestic iron ore company sitting on Rs 20,000 crore on cash, debt free and they are planning versify into steelmaking and it might languish at the current price for sometime because of this mining overhang and all. But once things clarify, I think it can move upto Rs 180-185 in the next 9-12 months so one can buy it around Rs 140, average it out and sell around Rs 180-185."
ICICIdirect.com is bullish on Godrej Industries and has recommended buy rating on the stock with a target of Rs 370 in its December 10, 2012 research report.
"FMCG stocks were the major outperformers in the last year and exhibited strong resilience despite jittery market conditions. Godrej Industries has observed upsides of more than 80% YTD while theNifty was able to register close to 30% gains. When most FMCG stocks are making their all time highs, Godrej Industries is still lagging significantly in terms of prices. We believe the stock may continue its momentum and would try to match its peers."
According to ICICIdirect.com traders can buy Dena Bank around Rs 110.5-113.5 with a stoploss of Rs104.8 for target of Rs 128 in its December 6, 2012 research report.
"Dena Bank was quite different from the earlier attempts of recovery from 104 levels. This time around the stock has moved up on the back of short covering while earlier upsides attracted addition of open interest. Hence, we expect Dena Bank to surpass its previous highs and eventually test 128 levels. Since the November settlement, Dena Bank's open interest has declined more than 22% clearly indicating closure of short positions. The stock is trading near its April 2011 highs. A move above these levels would prompt further short covering in the stock towards 128-130 levels. Dena Bank remained in the range of 100-105 during the consolidated movement seen in the months from February to June."
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