9 stocks to watch out for today

The 9 stocks below are the picks for the day across small-, mid- and large-cap companies that offer a wide array of choices to retail as well as long-term investors.

Reliance Power has moved in line with other Anil Ambani Group companies. However, unlike others, Reliance Power did not have the momentum to carry it above Friday's close. The stock closed near the low of the day at Rs 116.20 on less than half the volume of Friday. Furthermore, the weakness can take the stock back to Rs 110. Sell below Rs 115.50.

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Keep a tab on these stocks today. AFP Photo

Petronet has been trying to cross the Rs 134.50 level over the past three days but has been meeting with selling pressure in that range. Intra-day range - the difference between the high and the low - is dropping in the stock resulting in higher lows over the past three days. Once the selling is exhausted, the stock can touch a level of Rs 140.

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Educomp announced strong fourth quarter numbers where the company has doubled its net profit to Rs 145 crore. However, the stock closed near the low of the day on high volumes. Technically, it has made a weak pattern and can hit the Rs 440 level if the low of Monday of Rs 470 is broken.

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Yes Bank has been on the move for the past four days. However, the rise was on lower volumes. The stock, which had gone up by nearly 3% on Friday, moved in a very narrow range on Monday, on even lower volumes. The stock is witnessing selling pressure at around the Rs 300 mark. A move below Rs 297 can bring the stock down to the Rs 280 level.

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The sharp swing of nearly 6% in Allahabad Bank seems to have been arrested. A lower volume also prevented the stock from rising above the Friday's high. Allahabad Bank closed the day at Rs 196, down by 0.6%. Anything below Rs 194 can take it down to Rs 185.

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We have had a sell call on Bharat Forge, but that had not been triggered. The stock moved up and hit the resistance of Rs 320. Momentum in the stock has died down. A move below Rs 315 can drag the stock down to Rs 305.

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JP Power was a sell call below Rs 48.50. However, the stock took support at that level and bounced back. Volumes, however, have been much lower. We stick to our sell call below Rs 48.50 and a price target of Rs 46.

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We have been bullish on PFC for the last two days as the stock was witnessing huge volumes near its FPO price. Selling volumes seem to have dried up. A figure above Rs 201 can take the stock up to the Rs 220 level.

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We had a sell onCanara Bank below Rs 533, which was triggered in the last few minutes on Monday. The stock touched a low of Rs 527.50 and closed the day at Rs 536.50. We have a price target of Rs 510 for the stock.

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Charts: moneycontrol.com

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Published Date: May 31, 2011 07:24 am | Updated Date: Dec 20, 2014 01:35 pm