Stock ideas for May 10, 2013

NMDC

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, " NMDC is a disappointment. We have repeatedly seen how small rallies are sold into. So the two ways of trading NMDC are, one for people who don't want to take short positions, just stay away. There is no buying here. For people who are willing to take short positions, it is a sell on rally. Every little rally can and should be sold into."

NMDC closed quoting at Rs 124.55, down Rs 3.80, or 2.96 percent. It has touched an intraday high of Rs 129.70 and an intraday low of Rs 124.05

Adani Power

Rahul Mohindar, Director of viratechindia.com told CNBC-TV18, " Adani Power has been quite a challenging stock to trade in clearly when we look at the last two or three years of performance just pricewise hasn't been very promising, hard to call bottoms here. However, what I am reading is we could be near a point where you can get a sizably good rally. Now whether that's going to be a corrective rally or a breakout rally it remains to be seen, but again bottom-line what I am talking pricewise is Rs 51 is a next clear resistance and I feel that one could buy in now, Rs 45 being a stop loss."

Jindal Steel & Power

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "One of my favourite selling candidates in recent month has been Jindal Steel & Power (JSPL). This stock keeps going down. It rallied and fell into the first wall of resistance at Rs 340. From there it started coming down and today it is breaking intraday support levels. So go and sell JSPL."

He further added, "Buying should be done in IT stocks. Today I would suggest in the afternoon go for Wipro . It is on the verge of a breakout on the upside. So buying it is a good idea."

Union Bank

Rahul Mohindar, Director of viratechindia.com told CNBC-TV18, "In Union Bank of India I think today is definitely a breakout, not just pricewise. We can see it in the volume, very big volumes, which have come in on the stock. What is really important is the fact that Rs 240, which over the last two or three months was not really being concurred convincingly on a close basis.

GoodReturns.in

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