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31 October, 2014 23:17 IST
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Source: rss | 31-Oct-14
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Mudit Goyal, technical analyst, SMC Global Research has selected following 5 stocks as intra-day technical picks for December 04:

1. Adani Power (Long)

'Buy' stock for target of Rs 56.50-58 with stop loss of Rs 53.50.

Stock has formed the "Inverted Head and Shoulder" formation on daily charts which took around six months to form so the potential of rise is quite high. From past few sessions, buying is witnessed in the stock with rising volume so we anticipate that stock can give the pattern breakout in coming days which suggest the upside target of Rs 56.50-58 with SL of Rs 53.50.

2. Allahabad Bank   (Long)

'Buy' stock for target of Rs 151-154 with stop loss of Rs 144.

Stock has given the breakout of downward trending resistance line on Monday and also breached its 200EMA on daily charts accompanied by good volume. Daily as well as weekly RSI and MACD has also turned bullish for the stock so one can initiate long for the upside target of Rs 151-154 with SL of Rs 144.

3. Arvind (Long)

'Buy' stock for target of Rs 95-96 with stop loss of Rs 90.

Stock continued to move higher while trading in higher highs and higher lows sort of "Rising Channel" on weekly chart which is considered to be bullish in nature. After resting in range of Rs 82-87 for few weeks, stock has come out from its range and continued to trade above the same. On Monday, stock went up by over 2% and closed near high of the days which indicates that buying is more aggressive at current levels. Buy this stock for the upside target of Rs 95-96 with SL of Rs 90.

4. Havells India (Long)

'Buy' stock for target of Rs 600-610 with stop loss of Rs 575.

Sideways movement has been witnessed from past few weeks which lead to form the lower highs with horizontal support of Rs 565 levels. On Monday, stock went by around 2% and clears the indication for giving the breakout of downward sloping trend line. There is also an increase in volume from past few sessions which also give the strong spurt for near term. Buy this stock for the upside target of Rs 600-610 with SL of Rs 575.

5. Jain Irrigation (Long)

'Buy' stock for target of Rs 75-76 with stop loss of Rs 70.

Stock continued to trade in downtrend since August 2010 due to which stock has to registered a fresh 52 week low of Rs 59.40 on Sept. 07, 2012 and given a strong upside jerk of Rs 75 levels and again went into its earlier support zone of Rs 58-60 levels to form the base for fresh buying. Buying is witnessed from past few sessions. On Monday, stock went up by over 6% and clears the indication for giving decent upside rally. One can consider buy for the upside target of Rs 75-76 with SL of Rs 70.

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