 "Buy or sell? Trading stocks for the day")
Here are your intra day picks for the day from various market experts and brokerage houses :
Parag Doctor of Motilal Oswal has one sell and one buy call. He recommends a sell call on ONGC as the stock has struggled to cross the resistance from the 200 day average at Rs 265. Also the stock is heading for the recent support at Rs 240 and can be sold with a stop loss of Rs 265.
In the buy category, he picks Bajaj Auto as the stock has shown technical strength by crossing its recent resistance. The stock is heading towards the 200-day average which is around Rs 1,630 and one can buy the stock with a stop loss of Rs 1,525.
Manas Jaiwal of manasjaiswal.com, recommends buying Bombay Dyeing. After taking support near the 200-day moving average, the stock bounced back sharply and it broke the resistance level of Rs 490 with higher volumes, in yesterday’s trading session. According to him, the stock can test Rs 530 in the 3-4 trading sessions and one can buy it with a stop loss of Rs 480.
He recommends to short Crompton Greaves as it has made a a bearish engulfing pattern on the daily chart. There is further weakness in the stock and it can test Rs 110 in the next 2-3 trading sessions. One can short it with a stop loss of Rs 480.
Arunesh Madan of Augment Investment has two sell calls today - Bank of Baroda and Punjab National Bank. He says to sell BoB in the range of Rs 725-730, with a stop loss above Rs 735. According to him, the corrective rally which started from the level of Rs 615 seems to be getting over as the stock has made an a engulfing bearish pattern on the daily candlestick charts in yesterdays trade. Investors could look for a target of Rs 675 in the coming days.
The second stock to sell is PNB. He says that one can sell it at its current market price as the corrective rally, which started at the Rs 700 level seems to be getting over. One can keep a stop loss above Rs 785 and look for a retest of Rs 750 in the coming days.
Disclaimer: Views expressed above are that of various market experts only and Firstpost will not be held responsible for any investment decision based on the above recommendations.
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