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Sudarshan Sukhani's top five picks for today's trade

Published on Tue, Nov 10, 2009 at 09:28 | Source : Moneycontrol.com

Updated at Tue, Nov 10, 2009 at 16:14

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Sudarshan Sukhani of Technical Trends is bullish on Dabur India , Deccan Chronicle , Punjab National Bank (PNB) , Shree Renuka Sugars and Zee Entertainment . He advises investors to buy these stocks.

Here are the key levels to watch out for:

Buy Dabur India with a target of Rs 161 per share and stop loss at Rs 156 per share

Lifetime new highs, it is going up. On Monday, it said, "I am getting ready for a big move". Now some of these are probabilities that upmove could come that is why it is on my list. It could go dull now and then emerge out of that dullness. So that part is a little uncertain always but the stock is certainly ripe for bigger moves.

Buy Deccan Chronicle with a target of Rs 165 per share and stop loss at Rs 157 per share

Media is a relatively small sector and two of them are in my list as I went on scanning the universe. Therefore, I believe that something is going on in the media. Deccan Chronicles has been one of the stronger ones. It is again at a tipping point, so I would expect it to move up. The stop loss is Rs 157 and Rs 165 could be a modest intraday target. For Deccan, the idea is that if you are a positional trader, you don't have to get out at the targets. You can just hold on for the bigger move.

Buy PNB with a target of Rs 925 per share and stop loss at Rs 895 per share

The Nifty is likely to build on its gains and banks have been outperforming. Now PNB is on the verge of significant moves, which means they have just begun. Hence, I would expect yesterday's gains to see a follow through today. Therefore, one can buy PNB for a day trade. Stop loss of Rs 895 and a day trading target is Rs 925. However, a position trader wants to build at current levels.

Buy Shree Renuka Sugars with a target of Rs 217 per share and stop loss at Rs 211 per share

Rising tides lifts all boats. The market has lifted the sugar stocks and they have gone through a correction. I assume the correction will be deeper but Renuka's chart says that it has done its bit on the downside. It is now at lifetime highs. This should continue. So here is a speculative sector- Buy the stock with a stop loss of Rs 211 and target of Rs 217.

Buy Zee Entertainment with a target of Rs 254 per share and stop loss at Rs 248 per share

Zee has been broadly outperforming the media universe. It did go through a small dip. However, something is happening in media. Some of the stocks are showing signs of not only life but also higher level ahead. Hence, Zee Entertainment is one of those stronger stocks. There is an opportunity in Zee, Rs 248 is a stop, Rs 254 could be the modest intraday target.

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