Sell Day: ONGC, BOI and HDFC Bank

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.

ONGC (Sell below Rs 284, target of Rs 275)

A sharp drop in crude oil prices in international markets have led to a recovery among oil stocks in India. However, the recovery on almost all companies have been on low volume. It is likely that these stocks can retest the lows if markets cool off. ONGC, being the biggest gainers in the sector is likely to come down too.

[caption id=“attachment_66638” align=“alignleft” width=“380” caption=“HDFC Bank has seen weakness on Monday, on a day when most of the other banks have done better. Reuters”]  [/caption]

Bank of India (Sell below Rs 300, Rs 285)

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Bank of India has been testing the Rs 300 level for six times over the last two years. It has done so twice over the last two days. Despite a strong market on Monday, Bank of India witnessed selling pressure. If the Rs 300 level is broken, fresh selling can be seen in the counter.

HDFC Bank (Sell below Rs 450, target of Rs 430)

Though HDFC Bank has one of the best performances, both financially and in terms of market performance in the sector, the stock has seen weakness on Monday, on a day when most of the other banks have done better. The bank has bounced back from its earlier support of Rs 450, which if broken can bring the stock down further on increased selling.

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