 "Buy Cairn; sell Aban Offshore and Aditya Birla Nuvo")
The stocks below are the top picks for the day that offer a wide array of choices to retail as well as long-term investors.
Aban Offshore (Sell below Rs 380.50, target of Rs 360)
Aban has been falling since announcement of its results. The company is sitting with unutilised rigs and the current low rig rates do not augur well for its future. Selling is likely to continue in the stock if Rs 380.50 is broken.
Aditya Birla Nuvo (Sell below Rs 870, target Rs 850)
Strong results announced over the weekend resulted in a brief euphoria in Aditya Birla Nuvo. The stock moved up sharply in the opening hours, but ended up near the low of the day at Rs 870.25. The stock has taken support near the Rs 870 levels, from where it has bounced back twice over the last week. A fall below this level can take it down to Rs 850.
[caption id=“attachment_62316” align=“alignleft” width=“380” caption=“Cairn has been closing near the highs of the day over the past four days. Reuters”]
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Cairn (Buy above Rs 283, target Rs 300)
Despite the fall in the market, Cairn has been closing near the highs of the day over the past four days. The stock has seen some selling pressure at Rs 283 over the past four days from where it has reacted downwards. A move above this selling zone can take the stock to Rs 300 levels.
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