Feb 27, 2013, 08.37 AM IST
In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com, SP Tulsian of sptulsian.com and Hemant Thukral give top pick for the day.
Sudarshan Sukhani, s2analytics.com
With a slide that continues in the midcaps I am suggesting that we should continue to look at midcap opportunities to sell. A stock that now seems to be cracking and making an intermediate top is IDFC . So for today consider going short in IDFC. Short selling should be done only by professional traders.
IDFC has now broken down from a major head and shoulder formation that suggests significantly lower prices and a very low target. That is not the target intraday but the point is that the stock has to start coming down to reach its final target. It is a sell and probably for the next few days will remain a sell at every opportunity.
Colgate Palmolive (India) has completed its bull market and is now embarked on a sharp correction that could easily become a bear market slowly. The chart patterns are not very cheerful. Consider selling Colgate.
Colgate currently was trading at Rs 1300 and is now on the verge of breaking below Rs 1300 support level. That breakdown of support can easily take it much lower because then a lot of confirmations come of bearish chart patterns. So after a big decline and a consolidation it is ready for another leg of that decline. Consider going short in Colgate. Please remember to keep stop losses and short selling should be done only by professional traders.
Hexaware Technologies having corrected to Rs 86 now looks a good buy because the share has corrected on the fear that promoters looks to have sold part of their stake but post the clarification having given by the promoters and effectively the stake has increased marginally by the promoters from the purchase from the open market has resulted the share getting stabilized. Ahead of the Budget the IT stocks are showing good resilience and slight upmove. Amongst the midcap IT stocks this looks a safe bet to buy at the current price for a target of Rs 90-91 in next couple of days.
Jaiprakash Power Ventures , a midcap stock has actually weathered the carnage of other midcap stocks in the market. Also very clearly visible this stock has already seen above average rollovers to March series. We feel that in immediate short-term stock can outperform other midcap stocks and can go back and retest Rs 32.50-33 levels. Traders have to keep a stop loss at Rs 29.50 which has been a very strong support for JP Power.
In Dena Bank fresh shorts have been formed in February series itself. 14 percent fresh open interest has been added up with the premium coming down as well as the rollover cost to the next series coming down. We recommend to sell Dena Bank with a price target of Rs 84 and stop loss of Rs 99 which was earlier a strong support now will act as a big resistance for Dena Bank on upside.
Tags: SP Tulsian, sptulsian.com, Hemant Thukral, Sudarshan Sukhani, s2analytics.com, IDFC, Colgate Palmolive (India), Hexaware Technologies, Jaiprakash Power Ventures, Dena Bank
Action in IDFC
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