28 August, 2014 04:28 IST
`Long` Bata India, Havells, Pantaloon, `Short` BHEL, IGL: Mudit Goyal
Source: IRIS (24-DEC-12)
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Mudit Goyal, technical analyst, SMC Global Research has selected following 5 stocks as intra-day technical picks for December 24:

1. Bata India (Long)

'Buy' stock for target of Rs 342-346 with stop loss of Rs 328.

Stock continued to move higher while trading in higher highs and higher lows sort of rising channel on daily charts which is bullish in nature. Stock is comfortably trading above its 200EMA on daily charts which gives the positive outlook of stock. One can consider buy for the upside target of Rs 342-346 with SL of Rs 328.

2. Bharat Heavy Electronics (BHEL) - (Short)

'Sell' stock for target of Rs 222-220 with stop loss of Rs 231.

Short term and medium term bias remains negative for the stock. It is going to complete the 'Head and Shoulder' formation on daily charts which is bearish in nature. For near term, stock can find support around Rs 220, any breakdown may attract fresh selling till Rs 205 levels. For Monday trade, one can consider sell for the downside target of Rs 222-220 with SL of Rs 231.

3. Havells India - (Long)

'Buy' stock for target of Rs 655-670 with stop loss of Rs 621.

Stock faced a strong selling pressure from Rs 670 levels and went into a consolidation range of Rs 570-600 levels to form the fresh buying pivot on charts. Recently, got the breakout of its consolidation with good volume and still manages to trade above the same. So we anticipate that stock can give further rise to reach our desire target of Rs 655-670 with SL of Rs 621.

4. Indraprastha Gas (IGL)- (Short)

'Sell' stock for target of Rs 240-236 with stop loss of Rs 252.

Stock was moving sideways in the range of Rs 220-270 levels while trading with horizontal resistance line and higher trending support line. On Friday, it has given the breakdown of support line and clear the indication for further downside rally so one can initiate short for the downside target of Rs 240-236 with SL of Rs 252.

5. Pantaloon Retail (India)-(Long)

'Buy' stock for target of Rs 246-250 with stop loss of Rs 233.

Stock has rebounded sharply from its recent low of Rs 175 levels and tested Rs 248 in single upward journey and went into a consolidation zone. Currently it is trading in that range but the movement of last traded day indicates that there will be a strong breakout. Buy this stock for the upside target of Rs 246-250 with SL of Rs 233.

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