Top 7 stock ideas for the day
India ran out of warehouse space to hold another bumper crop, a core problem of the nation's food crisis.
Indian markets traded with strong gains after days of subdued trade. The Nifty index clawed above the psychological 5,000 mark, though the index continues to trade below the long term support levels.
Despite strength in the markets today, analysts advised caution towards fresh investment. "4,950-5,050 range should be a no trading zone as far as the index is concerned, though stock specific trades would emerge day to day," independent analyst Sarvendra Srivastava said.
Here are seven stock recommendations from Srivastava. These calls are based on technical charts.
1) Hindalco:
Buy with a target of 132 and a stop loss of 113.4.
2) Tata Steel:
Sell with a target of 395 and a stop loss of 432.1.
3) Dr Reddy's:
Sell with a target of 1570 and a stop loss of 1737.
4) Punjab National Bank:
Buy with a target of 820 and an intraday stop loss of 749.4.
5) Sterlite:
Buy with a target of 103 and a stop loss of 95.8.
6) Reliance Communications:
Buy with a target of 74 and a stop loss of 67.7.
7) United Spirits:
Sell with a target of 610 and a stop loss of 651.1.