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 options to retail as well as long-term investors.

[caption id=“attachment_14444” align=“alignleft” width=“380” caption=“Most oil marketing companies showed strength during the day as theEGoM was expected to decide on the diesel price hike.Photo by Rabonito”]  [/caption]

BPCL touched the low of around Rs 612, which it did on Wednesday and bounced back sharply to close near the high. Most of the oil marketing companies showed strength during the day as the group of ministers was expected to decide on the diesel price hike. This meeting, however, has been postponed by three days. These stocks have refused to come down and kept going up. We believe that BPCL is the strongest in the sector and a move above the high of Rs 632.45 can take it to Rs 660.

Hotel Leela posted its results after trading hours on Monday. The company announced a profit of Rs 37.82 crore against Rs 41.04 crore in the previous year. Though anything lower than this number is better than market expectation of Rs 32.7 crore. The stock is close to its support of Rs 39.5 which has not been breached despite four attempts to do so in the last one month. However, the negative sentiment in the market and weak chart pattern can bring the stock down to Rs 36.

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Despite the bloodbath in banking stocks, Kotak Bank has been among the few banks that has held its ground. A comparatively small number of saving accounts has been a blessing in disguise as the stock has not been affected by the central bank’s decision to raise the savings rate. The stock has taken support at Rs 410 level. However, if the weakness in the banking stocks continues, the stock can go down to the Rs 390 level.

With the follow-on public offer in PFC completed, some buying is visible in the shares of the company. The stock, which closed at Rs 211.25 on Monday, below Friday’s close of Rs 214.05, trended upwards throughout the day. The stock held on to the support of Rs 205 and trended upward throughout the day for two days in a row. A move above Rs 213.75 can take the stock up to Rs 222.

Indian Hotels is expected to announce its results on Tuesday. The stock closed near the low of the day and is close to its support level of Rs 78-77. A poor showing by the company on the financial front can take the stock down to Rs 72.

We have been bullish on GAIL and have been triggered in the stock near the closing of trading hours on Monday. The company has posted numbers lower than what the market expected. However, on a closer inspection, higher subsidy contribution has done the company in. We remain bullish on the stock with the target of Rs 450.

We are triggered on the sell side in Pantaloon Retail with a target of Rs 240 after the initial hype on the company’s performance died down. We stick to our target of Rs 240.

We have not been triggered in Patel Engineering. However, the support has not yet been breached. A move above Rs 136.55 can take the stock to Rs 147.

We have a negative view on ITC with a stop loss of Rs 191.80 as that level has seen some good selling over the last few days. Though ITC has been one of the few stocks which were strong on Monday, it has not been able to penetrate the above-mentioned level. We maintain our price target of Rs 180.

Charts: moneycontrol.com

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