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Jun 02, 2010, 09.54 AM IST
Sudarshan Sukhani of Technical Trends is bullish on Balrampur Chini Mills, Sterlite Industries and DS Kulkarni Developers. However, he is bearish on HDFC Bank and Infrastructure Development Finance Company (IDFC).
Here are the key levels to watch out for:
Buy Balarampur Chini
We have been trying to buy sugar on and off and then luckily the prices are holding, support is holding. So if the market is going to remain choppy or steady then sugar is a buying opportunity. Of the three top stocks Balrampur Chini, Bajaj Hindusthan and Shree Renuka , Balrampur has relatively better charts; all three of them are buys. So for a day trader, a person who wants to keep position for a few days or weeks, Balrampur is giving an opportunity.
Buy Sterlite Industries
If there is a pullback then metals will give some rewards on the upside. This is purely a day trading play, if there is no pullback and I donít think you want to buy metals for the long-term. But Sterlite, which was hammered, the most could bounce back enough to make day trading profit. So Sterlite is a buying opportunity. With Sterlite an important caveat that you must maintain your stop losses, maintain your discipline, but there is money to be made on the long side on any bounce.
Generally, my view is that financials are now going down. So whenever there is a rally it makes sense; in case of IFCI a lot of technical pointers tell me that this is a good location to go short. For a person who wants to keep a position for the month, he can take a position now with the caveat that short selling has its own risks. For the day traders, even if the market were to rally, IFCI would see a decline, more or less a choppy and downside condition. So go and sell it, keep a stop loss.
Buy DS Kulkarni
That is a small cap stock, it fell a lot. Most mid-caps and small-caps have fallen, the reason why it attracted my attention is it has come to a very significant support levels. I donít think you can actually make money by trading it for an hour or two hours, but we want to buy it now. If the market pulls back in the next one-two days, you might get a reasonable bounce in this stock, so it is worth looking at.
Sell HDFC Bank
Financials are coming down; see what happened to ICICI Bank , it was steady then one day we found it fell dramatically. My sense is that HDFC Bank is setting up for a similar situation, I am not saying it is going to do that today, but the stock is a sell on every small little rally. So whatever rallies we see today, even in a choppy market, HDFC Bank should be sold at higher levels.
Tags: Sudarshan Sukhani, Technical Trends, Balrampur Chini Mills, Sterlite Industries, DS Kulkarni Developers, HDFC Bank, IFCI, Shree Renuka, Bajaj Hindusthan, ICICI Bank, Unitech, DLF, DCB, BoM, GMR Infra, IVRCL Infra, Man Infra, Maytas Infra
May 20 2013, 12:21
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