Stocks for Tuesday - 8th May 12

Tata Motors:
The scrip has witnessed an intraday low of 291 on Monday and able to convincingly cross above 300 levels. It has closed around 309 and still hold good for a target of 325 – 340 for the short term period.

M&M:
Along with the market opening, the scrip too witnessed heavy selling pressure in the opening session and made an intraday low of 669. The scrip has closed at 690 and it has the potential to reach its 200 dma which is around 725.

State Bank of India:
With a remarkable recovery of more than Rs.150 from the day low of 1876, the stock was able to close above its 200 dma. So far all the bank’s results are very much within the market expectations and the bank’s result is also much awaited. From a short term perspective, the stock has the potential to reach a target of 2240 with a strict stop loss at 1940-50.

Infosys:
The stock is witnessing a very good support at 2350. The technical support of RSI and other parameters are indicating the stock has the potential to move to 2550-2650 in the coming weeks. The stock is witnessing a big long time support around 2250 levels which was reached around last week of April.

TCS:
This is one of the heavy weight stocks which have got a thumping up movement after the results. The scrip has got a wonderful upswing movement to reach 1380 – 1420. With a strict stop loss around 1230-40, the stock is a good pick for any intraday or intra-week pick for the above mentioned target.

HDFC:
With a decent profit growth of 16 per cent for the last quarter of FY12 at Rs.1326 cr against Rs.1142 cr corresponding to the last quarter of FY11, the stock is witnessed a rebound from day low of 647 and closed at 663. With a stop loss of 645-650, the scrip has got potential to reach 680-700 in the coming days or week.

So, do you guys have any other recommendations? If anyone is going to follow my recommendations, please let me know the updates.