Tough time for Bajaj Hindusthan, count on REC

Bajaj Hindusthan (Sell below Rs 51.80, target of Rs 49)

The rights issue price announced by Bajaj Hindusthan of Rs 36 per share failed to enthuse the market as the scrip saw selling immediately after the announcement till the close of market. If selling persists, the stock can break through it support level of Rs 50.

[caption id=“attachment_83359” align=“alignleft” width=“380” caption=“Bajaj Hindusthan share failed to enthuse the market. Reuters”]  [/caption]

REC (Buy above Rs 170.85, target of Rs 177)

REC has bounced back from the low of Rs 163 four time in the last three weeks. The stock moved smartly on Tuesday, though on low volume. However, as the gains made by the stock could be maintained throughout the day, REC can be counted on for a bounce back.

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Cairn India (Buy above Rs 292.5, target of Rs 303)

Cairn India saw some movement on Tuesday inline with that of international crude oil prices. Another development which affected its price was ONGC willing to take up the issue of No-Obligation Certificate (NOC) for giving a green signal to Cairn’s takeover by Vedanta. The stock can move higher as momentum picks up.

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