Top 3 short to mid-term technical picks

IDBI Capital

1. Alstom India (Duration: 4-5 weeks)

`Buy` on dips to Rs 390 for a target of Rs 420 with a strictstop loss placed below Rs 375.

Yesterday, AIL has formed an Engulfing Bullish Candle on the daily charts. The stock has witnessed a consolidation breakout accompanied with strong volumes. The momentum averages have converged and indicated a positive crossover. On the oscillator`s front; RSI & MACD are placed with positive signals on the daily charts. Therefore, traders can buy the stock on dips to Rs 390 for a target of Rs 420 with a strictstop loss 

placed below Rs 375.

2. Chennai Petroleum Corporation - (Duration: 4-5 weeks)

`Buy` at CMP and on dips to Rs 122 for a target of Rs 145 with a strict stop loss placed below Rs 119.80.

Yesterday, the stock has formed a Bullish Candle on the daily charts. The stock is on the verge of a consolidation Breakout which could turn the momentum on the upside. On the oscillator`s front; RSI & MACD have indicated a positive crossover on the daily charts. Therefore, traders can buy the stock at CMP and on dips to Rs 122 for a target of Rs 145 with a strict stop loss placed below Rs 119.80.

RK Global Shares & Securities

3. NTPC - (Duration 4-5 days)

`Sell` below Rs 163 for target of Rs 157 with stop loss (on daily closing basis) Rs 166.

The stock closed below last few week`s low with a bearish candle pattern. It seems it is losing its positive momentum as it closed below its 200DEMA and two other short-term M.A.s. major indicators like OBV, RSI and Stochastic all looks on quite bearish. We suggest a sell call in this script below Rs 163.