Nov 05, 2013, 12.17 PM IST
Manav Chopra of Nirmal Bang recommends buying Syndicate Bank with a target of Rs 94 and Dena Bank with a target of Rs 65.
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Buy Syndicate Bank, Dena Bank, Tata Motors, IOC: Chopra
Manav Chopra of Nirmal Bang recommends buying Syndicate Bank with a target of Rs 94 and Dena Bank with a target of Rs 65.
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Buy Syndicate Bank, Dena Bank, Tata Motors, IOC: Chopra
Manav Chopra of Nirmal Bang recommends buying Syndicate Bank with a target of Rs 94 and Dena Bank with a target of Rs 65.
One may buy Syndicate Bank . The stock has managed to exceed the crucial hurdles of Rs 87 on weekly closing basis and the momentum indicators on the daily charts have entered into a buy mode. If one looks at this chart the recent rise is also accompanied by above average volumes and we expect at least an impulsive wave in the near term perspective. The short term support is at Rs 88 levels on the intraday charts and one can maintain a buy with a stoploss of Rs 87.50 for an upside target of Rs 94.
One may buy Dena Bank . This stock has also observed a sharp momentum in the last few trading sessions and the volumes have also been very supportive. The stock has also managed to close above the long-term averages and with important fibonacci clusters. There are series of support in this stock around Rs 59 on the lower side and we recommend a buy on dips approach. Keep a stoploss of Rs 58.50 with a target of Rs 65.
One may buy Tata Motors . This stock has been in a very good uptrend forming a series of higher highs and lows and recently the stock after taking support near its short-term averages have formed a strong reversal pattern which suggests that this stock could exceed its recent highs and would see the continuation of the uptrend. We expect this stock to see an upside target of Rs 425. One can maintain a stoploss of Rs 386.
One may buy Indian Oil Corporation (IOC). This stock has seen a sharp decline recently and has formed a strong reversal pattern near the important fibonacci clusters. On the intraday charts this stock has also bounced from the oversold levels and we expect the stock to at least retrace 50 percent to 61 percent in the near term perspective. In that case one can maintain a buy with a stoploss of Rs 207 for an upside target of Rs 224.
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