24 April, 2014 06:14 IST
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`Long` Apollo Tyres, CIL, Jet Air, ITC; `Short` Dabur: SMC Global
Source: IRIS (22-NOV-12)
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Mudit Goyal, technical analyst, SMC Global Research has selected following 5 stocks as intra-day technical picks for November 23:

Apollo Tyres (Long)

'Buy' stock for target of Rs 640-647 with stop loss of Rs 621.

Stock continued to face selling pressure from its 52 week high of 102 levels and tested 78 in single downward journey. On Thursday, stock went up by over 2.5% conclusively breached its 200EMA on daily charts accompanied by high volume so we anticipate that buying can continue for coming sessions which suggest the upside target of Rs 86-87 levels with SL of Rs 81.50.

Coal India (Long)

'Buy' stock for target of Rs 363-367 with stop loss of Rs 352.

Stock was trading in downward channel from past three months. After making double bottom on daily charts, it has given the breakout of same and subsequently breached its short term and medium term moving averages on Thursday trade. Therefore, buying can continue for coming sessions which suggest the upside target of Rs 363-367 with SL of Rs 352.

Jet Airways (Long)

'Buy' stock for target of Rs 490-510.

Stock continued to trade sideways with positive bias while trading in higher highs and higher lows sort of ''Rising Channel'' on weekly charts which took around ten months to form. For confirmation stock has given the breakout of same during this week and still manages to trade above breakout levels. RSI and MACD on daily as well as weekly chart have also signaled bullish for the same. Therefore, trader with short term horizon can consider buying for the upside target of Rs 490-510 for near term.

ITC (Long)

'Buy' stock for target of Rs 310-320.

Stock has given the healthy correction from its all time high and traded in to a sideways movement with positive bias. From past four sessions, buying is continued witness for the stock due to which stock has broken its downward sloping trend line and manages to close above the same on Thursday trade with decent volume. Positional trader can also consider buying for the upside target of Rs 310-320 for near term.

Dabur (Short)

'Sell' stock for target of Rs 119.50-118 with stop loss of Rs 124.50.

Stock has formed the ''Head and Shoulder'' formation on daily charts which took around four months to form so the potential of downside is strong. On Thursday, stock ended marginally lower and on verge of neckline breakdown so this selling momentum can continue for upcoming sessions which suggest the downside target of Rs 119.50-118 with SL of Rs 124.50.

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