Ranak Merchant, technical analyst, strategies department, Sushil Financial Services has given views on the following three stocks:
1. Oriental Bank of Commerce (OBC):
"Of the beaten down PSU Banking lot, OBC seems to top the list of losers. The last few sessions appear to have found resumed buying interest on the stock counter, that, after a base building near 160 levels has finally made its way towards its 200 Day EMA of 196. While a close above 196 is yet to be established, with a near 5% on the stock in today's session, that target too might be achieved. Precisely speaking, traders watch out for 199 on the stock price as the next breakout point for the stock for targets of 215 as short term bets. Stop loss to be maintained below 193.
Shares of the bank declined Rs 6.65, or 3.43%, to trade at Rs 187. The total volume of shares traded was 103,903 at the BSE (12.44 p.m., Friday).
2. Reliance Infrastructure:
"The stock has gained fervor and how. From lows of near 300 in Aug 2013 to current levels of near 419, the stock has managed to gain near 40% in a span of 7 months. Recent news flows providing a positive boost to the company, the stock came back with vengeance gaining near 8% in a single day. The current upmove may well be extended towards 450-460 zone, with a stop loss below 405."
Shares of Reliance Infrastructure declined Rs 3.5, or 0.86%, to trade at Rs 401.25. The total volume of shares traded was 203,901 at the BSE (12.44 p.m., Friday).
3. Voltas:
Trading at a 3 year high, the stock rallied from lows of near 60 to 140 in a matter of 7 months. While some consolidation may unfold in the immediate future, the stock appears to be raring to go above the intermediate resistance points of 148. Targets of near 158 are eyed for the stock best bought on a break above 148 or on minor dips.
Voltas' shares declined Rs 0.95, or 0.69%, to trade at Rs 137.05. The total volume of shares traded was 139,195 at the BSE (12.44 p.m., Friday).
Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
