Morning Calls

Top 5 picks I Mid-term picks

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Crucial support at 4,950

MICRO TECHNICALS

YES BANK
Current Price: Rs 256.5
Target Price: NA

The stock established a high of Rs 262 last week and it looks likely to test that soon. Volumes remain excellent. The problem could be over-extension since it’s moved up almost vertically in the past three weeks. Also it is impossible to set a target. Keep a trailing stop at Rs 249 and go long. Move the stop up 5 units for every 5 unit move.

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HIND UNILEVER
Current Price: Rs 280.5
Target Price: Rs 295

The stock hit strong resistance at Rs 295 and corrected down to a good support at Rs 270. It has started moving up again on slightly improved volumes. The pattern suggests range-trading will occur between Rs 270-295. Keep a stop at Rs 275 and go long. Start booking profits above Rs 293.

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JUBILANT ORGANOSYS
Current Price: Rs 237.5
Target Price: Rs 250

The stock has seen massive volume expansion coinciding with a rise from a bottom around Rs 210. If the volume pattern is maintained it will certainly test Rs 250 levels intra-day, though there is a strong resistance there. Keep a stop at Rs 232 and go long. Cover at Rs 250.

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CRANES SOFTWARE
Current Price: Rs 41.5
Target Price: Rs 48

The stock has seen strong institutional interest and bulk deals between Rs 38-41, leading to strong volume expansion. It has the potential to land somewhere between Rs 48-50, given the volume pattern. Keep a stop at Rs 39.5 and go long. Book profits above Rs 47.5.

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SHREE RENUKA SUGARS
Current Price: Rs 214.45
Target Price: Rs 225

Sugar remains in a secular bull-run. Renuka Sugars has climbed over 300 per cent in the past 12 months, from Rs 50 levels. It saw another price breakout coupled to strong volumes last week. The new target would be around Rs 225. Keep a stop at Rs 207 and go long.

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Other Stories:

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Volume plays 26-OCT-09 India’s largest two-wheeler makers had a sparkling September quarter

Src: Economictimes.Indiatimes, Business-Standard