The markets closed in green amid volatile trades. It was trading flat till noon but slipped in deep red briefly. However, it saw smart recovery led by oil & gas, cement and steel stocks. The Asian cues were not positive. The broader markets have taken it on the chin and have under performed the frontline indices.

Technical analyst Rahul Mohindar, viratechindia.com is positive on RNRL, Reliance Capital

This is how Rahul Mohindar views stocks on board:

On IDBI, IFCI, IDFC:

Interestingly the shorter-term seems to be a bit more on the sideways to down but these are some of the longer-term counters where the long-term charts weekly look very promising and I think one would really not be disturbed in the long-term trend. So unless you are really looking at one-two week/weak type perspective, I would definitely like to hold on to these stocks or add on any decline.

On Reliance Comm, Bharti Airtel, Idea:

We would still like to maintain that Bharti Airtel does remain amongst the better picks and Reliance Com could also be a good pick for a target of about Rs 560 on the medium-terms. So Idea will not really be a top pick.

On Punj Lloyd:

We would stay away from Punj Lloyd; we would recommend profit taking here.  

On RNRL:

I would not really hesitate buying RNRL at these levels for an investment, contrarian to the entire fall that has happened, longer-term charts show that Rs 29-29.50 is a zone of very big support, so if you are a long-term investor, you can keep a one-year type time horizon. One should go out and buy the stock with Rs 28 stoploss.

On Reliance Capital:

I still feel that Reliance Capital is clearly in positive turf, I do not see any reason why one would even recommend exiting or even taking profits at these levels, I think the stock has really outperformed and will continue. Rs 950 would really be a trend decider for this stock. So I think traders could watch out for that level.

On Indiabulls Real Estate:

There is some bit of a discomfort, so again we are not really recommending a buy or a hold, in fact, on any rise, and one would exit the stock.

On Unitech & Parsvnath Developers:

I take a contrarian call over here and clearly more in terms of a trader, I would not mind betting on both these stocks and going long. I clearly see if a bounce back comes into the market, possibly these stocks, which have been really beaten out of shape over the last ten odd trading sessions would stage a good come back. So certainly this makes for an aggressive buy here where you would buy at these levels as I said distinctly a 3%-4% downside is what you need to be patient for. So unless it really cracks more than that, you do not need to implement a stoploss but broadly I think these stocks would stage a come back over a shorter-term, over ten day type timeframe.

Disclosures:

I do not hold any stocks in my personal portfolio, but could have recommended the same to clients.