Technicals: Time to go short on Godrej and Petronet

Here are your intra day picks for the day from various market experts and brokerage houses :

Vishal B Malkan, CMT, www.malkansview.com, has one buy and one sell call. He recommends selling Godrej Inds as it has broken an important support of Rs 230 with huge volumes. One can sell the stock with a stop loss of Rs 227 for targets of Rs 217 and Rs 219. The second stock on his radar is BPCL for which he has a buy call. According to him, the momentum is bullish as the stock has broken the resistance of Rs 750 with huge volumes. He recommends buying with a stop loss of Rs 749 for targets of Rs 765 and 772.

Vishal Kshatriya of Edelweiss, says to short Petronet LNG. As the stock is trading at the lower end of its rising trend line placed on its daily chart, he expects the stock to breach its trend line support in the days to follow and test Rs 120. Further, he says that the momentum oscillators on the daily chart have already given a sell call. Therefore, as there is weakness in the stock, one can go short on breakdown below Rs 126 with targets of Rs 120 and stop loss of Rs 130.

The second stock on this list is BPCL. He says to go long on BPCL as the overall trend in the counter is positive, which is depicted by the formation of higher tops and bottom on its daily charts as well as weekly charts. He expects stocks to trade with a postive bias in the days to come and hence recommends going long at the current market price with targets of Rs 780 and a stop loss of Rs 737.

Sanjeev Agarwal, CEO, Dynamix Research & Capital Management, has two buy calls. The first stock to buy on his list is IFCI. After giving a very strong move in the first two months of the calendar year 2012, it has given a very decent correction. One can accumulate the stock around Rs34-35 or buy above the break out level of Rs 39 for targets of Rs 44-52 with a stop loss below Rs 32.

The second stock to buy is Tata Steel as the stock has shown very strong basing pattern and it can show a breakout above the levels of Rs 426. One can buy it above Rs 426 for targets of Rs 450 with stop loss below Rs 400. The target is some where between Rs 475 - Rs 500.

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.