Indian Ticker : Choose Right Stocks that Ticks Money

The website, Technicalanalysisofstocks, has recommended the stock MOIL, for the target price of Rs 375 and a stop loss at Rs 348. The recommendation is based on the bullish breakout trend with heavy volume.

Shardul Kulkarni, Sr Technical Analyst, Angel Broking shares his stock picks for the day.

Elecon: Here the recommendation is the is to buy for its breakout signal with a target price of Rs 87.50 and a stop loss at Rs 72.30. The stock has given a breakout from a bullish flag pattern at Rs 76.25 with huge volumes. In addition, we are observing a bullish crossover of 5 & 20 EMA on the weekly charts. Buy this stock on a decline up to Rs 75.40 for a target of Rs 87.50 in the coming 2-3 weeks.

Adani Power: For this stock too the recommendation is buy as there is an indication of an upmove with a target price of Rs 126 and a stoploss at Rs 106.50. The stock is continuously taking a support near its multiple support zone of Rs 106. The weekly chart shows a positive crossover in RSI-smoothened oscillator, suggesting a positive up move is likely to continue. Buy this stock on decline up to Rs 109.50 for a target of Rs 126 in coming 2-3 weeks.

CEAT: Kulkarni recommends a buy for this tyre company for its breakut signal with a target price of Rs 131.80 and stop loss at Rs 108. On the daily chart, the stock is forming a bullish flag pattern which will be confirmed above Rs 114.80. The momentum oscillators on the weekly chart suggest possibility of breakout. We advise buying the stock only aboveRs 114.80 for a target of Rs 31.80 in the coming 3-4 weeks.

Polaris Software: the recommendation for this stock is sell on negative bias with a target price of Rs 161 and a stop loss at Rs 174. The stock is continuously moving in a lower-top lower-bottom cycle and is trading well below its major moving averages. The momentum oscillators on the weekly chart are negatively poised. Sell this stock only below Rs 170.25 for a target of Rs 161 in the coming 2 -3 weeks.

Zee Entertainment: Here also the recommendation is to sell the stock since the trend is of breakdown with a target price of Rs Rs 115.80 and a stop loss at Rs 125.50. The stock has given a breakdown from an upward sloping trend line at Rs 124. The momentum oscillators on the weekly chart suggest a possibility of a downward move in coming trading sessions. We advise selling the stock only below Rs 122.70 for a target of Rs 115.80 in the coming weeks.

The key domestic indices are likely to witness a negative opening, as most of the major Asian indices were seen trading on a weak note amidst rising concerns over US economic health.

The US manufacturing and consumer confidence data showed a declining trend fueling concerns that demand for the Asian region”s exports may get hampered. The MSCI Asia Pacific Excluding Japan Index declined 0.5% to 473.71 with three stocks declining against each that rose. The Taiwan Weighted, Seoul Composite and Straits Times declined by 0.84%, 0.76% and 0.20%, respectively.

However, the Shanghai Composite and Hang Seng were showing mild gains of 0.17% and 0.19%, respectively. In the domestic arena, the markets are likely to open weak as the SGX Nifty was trading 0.46% lower, pointing towards a slow start. The Realty, Metal, Auto and Banking space will be in focus during today”s trade.

regards,

Commoditytipsexpert Team

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