Top 5 picks of the day, reading the charts
New Delhi   02-Nov-2010

(By Michael Pillai, Technical Analyst, Nirmal Bang Securities)

IOC

Last Close: Rs. 422.90, Target: Rs. 460, Stop Loss: Rs. 411

The counter is showing signs of revival after a continuous downtrend. The technical oscillator RSI is giving a positive signal towards a rally. If the stock holds above its 50-DMA of Rs. 421, then we see a level of Rs. 460.

BPCL

Last Close: Rs. 754.80, Target: Rs. 852, Stop Loss: Rs. 728

The counter is showing signs of revival after a major downtrend. Going forward, if the stock holds above its 50-DMA of Rs. 753, then we see a strong rally taking place with a price target of Rs. 852.The stop loss is Rs. 728.

UCO Bank

Last Close: Rs. 134.95, Target: Rs. 155, Stop Loss: Rs. 128

Accumulate on dip from a short-term trading perspective. The stock is in a strong uptrend, as it is holding firmly above its 5-and 20-DMA of Rs. 132-126 levels. Huge delivery-based buying is also seen in the counter. The target is Rs. 155.

Canbank

Last Close: Rs. 742.05, Target: Rs. 795, Stop Loss: Rs. 728

Buy on dips and accumulate the stock from a long-term perspective. The structure looks positive, as the stock is trading close to its life-time high of Rs. 747. The stock remains in a strong uptrend, if it holds above Rs. 734.

Raymond

Last Close: Rs. 430.70, Target: Rs. 473, Stop Loss: Rs. 418

The structure is positive, as the stock is strongly holding above its 50-DMA of 388. The stock, after consolidating for a long time, has given a fresh breakout above Rs. 414 levels.