Sudarshan Sukhani of s2analytics.com, SP Tulsian of sptulsian.com and Vishal Kshatriya of Edelweiss suggested some stocks for the day.
Sudarshan Sukhani, s2analytics.comTraders can consider buying Cairn India for today. Cairn has gone into a deep downtrend and after the downtrend was in a trading range, that is a small base building exercise. On Monday, it broke out of that range. Also we must keep in context the fact that Brent crude is going up; so there is some kind of a minor correlation. However, the range breakout on the upside tells us more up move is coming; it is just the beginning of a new trend. So Cairn is a buying opportunity.
A lot of midcaps are in deep trouble, Voltas is one of them. The stock was trading in a range of Rs 82-86 and on Monday, it broke down from Rs 82 also. Voltas is now looking towards a target that is much lower than Rs 80. May be Rs 78, may be even lower so tomorrow consider going short in Voltas. SP Tulsian, sptulsian.com Apollo Hospitals Enterprises ruling close to around Rs 1000 looks a good buy because on Monday we have seen the late buying in the stock. And whenever the buying comes in it generally continues for sometime which can make the stock to move to a level of Rs 1060-1065 in next one week to ten days. Hence, buying can be made on the stock close to the level of Rs 1000. Vishal Kshatriya, Edelweiss Dish TV has given a breakdown of one year old trend line placed on its weekly charts. Technical oscillators are also trading with a negative bias. Derivatives data of last week indicates short buildup in the stock. Traders can short June Futures at Rs 61.50 with a target of Rs 56 and stop loss above Rs 63.50
I recommend going short on Union Bank of India (UBI). Stock has broken down its important support with good volumes on its daily chart. Derivatives data indicates short buildup in today’s trading session. Traders can go short June Futures at around Rs 200 with a target price of Rs 190 and 185, and maintain stop loss above Rs 207.
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