Increase in Petrol price by Rs. 2.35 a Litre and Diesel by 50 Paise

Petrol price today increased by a Rs. 2.35 per litre. This is the Sixth time increase in last three months.

Diesel price hiked by 50 paise per litre on falling rupee and firming international oil prices.

Indian Oil Corp, the nation’s largest fuel retailer, announced that this increase in rates will be effective by Saturday midnight, excluding local sales tax or VAT.
The actual hike will be more higher and will vary from city to city.

Petrol price in Delhi will go up by Rs. 2.83 to Rs. 74.10 per litre while it will cost Rs. 81.57 per litre in Mumbai as against Rs. 78.61 currently.

This is the sixth increase in rates since June and in all petrol prices have gone up by a massive Rs. 9.17 per litre, excluding VAT. Price of petrol in Delhi has gone up by over Rs. 11 per litre after including state tax since June 1.

In a parallel move, diesel price was hiked by 50 paise, excluding VAT, in line with the January decision of the government allowing oil companies freedom to rise prices in small doses every month to wipe out mounting losses.

Diesel price in Delhi has been hiked by 57 paise to Rs. 51.97 per litre while it will cost Rs. 58.86 in Mumbai from tomorrow as compared to Rs. 58.23 currently.

Today’s hike in the eighth since the January 17 and most of the losses on diesel sales should have been wiped off by now to make the fuel market priced. But the fall in rupee, around 25% since April, has worsened the situation and oil firms are losing Rs. 12.12 per litre despite prices being raised by a cumulative Rs 4.75 this year.

Oil firms had on June 1 raised petrol prices by 75 paise, excluding VAT, and followed it with a Rs. 2 per litre increase on June 16, a Rs. 1.82 increase on June 29, Rs. 1.55 hike on July 15 and 70 paise increase from August 1.

"Kaun Banega Crorepati" 7th Season with a Prize of Rs. 7 Crore.

Answer 15 Questions in KBC and Win
Rs. 7 Crore....

The famous game show “Kaun Banega Crorepati”, hosted by superstar “Mr. Amitabh Bachchan”, is back with bigger, better and admirable.

The jackpot prize in the Kaun Banega Crorepati - 2013 will be Rs.7 crore and participants will have to answer 15 questions to win money.

There will be four questions in the new feature Sapta koti sandook that will let contestants win from Rs. 1 crore to Rs. 3 crore, Rs. 5 crore and finally Rs. 7 crore.

'Fastest finger first' is now replaced by 'Best out of three'

Entering the hot seat has become more challenging as 'Fastest finger first' round has been modified. It will now be called 'Best out of three'.

Four lifelines is now replaced by FIVE life lines

That's not all. Five, instead of four, lifelines will help contestants to reach closer to prize money. While "audience poll" and "phone a friend" will continue as lifelines, "flip the question" will return in place of "ask the expert". "50:50" will replace "double dip". The latest addition is "power paplu". It will help to revive any used lifeline.

Central theme of the this show "seekhna bandh toh jeetna bandh" , will go on air on Sony Entertainment Television on 6^th September’2013

Along with modifications in the game, the show's set has also been changed.

"It has been shifted from Filmcity in Goregaon to Yash Raj Films studio in Andheri West with the better infrastructure. In Filmcity, if it rains hard you have to stop shooting. If generator can't take load, then also you have to stop," Siddhartha Basu, chairman and managing director of Big Synergy Media Ltd., told IANS.

The show, based on international quiz show Who Wants to Be a Millionaire, started in the year 2000.

Top Stocks to Buy Today on 30th August 2013

Godrej Consumer Products  

 

Buy Godrej Consumer Products above Rs. 815 with the TARGET of Rs. 865 and STOPLOSS of Rs. 790

Reason to Buy: The stock has staged a strong reversal from the neckline of its bearish head and shoulder pattern. This negation of a bearish pattern is going to provide strong momentum in the counter in the near-term. Also the stock has taken support at its 200 day moving average.

Hindustan Unilever (HUL)

Buy Hindustan Unilever (HUL) above Rs. 598 with the TARGET of Rs. 640 and STOPLOSS of Rs. 580

Reason to Buy: After going through a sharp correction of 20 percent in the space of last one month, the stock has found an intermediate support around Rs 580. On multiple occasions, the stock has staged a pullback from these levels. Now after a period of sideways consolidation, the stock is attempted to breakout on the upside.

Bajaj Auto 

Buy Bajaj Auto above Rs. 1,760 with the TARGET of Rs. 1,840 and STOPLOSS of Rs. 1,710

Reason to Buy: First stock that we will recommend is a buy call with regards to Bajaj Auto. The daily chart structure of Bajaj Auto shows a downward-sloping wage pattern. The breakout of this pattern should lead to significant upside in the next few trading sessions.

KPIT Cummins Infosystems

Buy KPIT Cummins Infosystems above Rs. 136 with the TARGET of Rs. 145 and STOPLOSS of Rs. 128

Reason to Buy: The stock has been in a very strong higher top higher bottom cycle over the last two months and going forward we expect significant upside in this counter.

Century Textiles

Buy Century Textiles with the TARGET of Rs. 220, 224 and STOPLOSS of Rs. 209

Reason to Buy: It has formed a bullish candlestick pattern on daily chart with volumes. Hourly momentum has entered into bullish zone.

Wipro

Buy Wipro with the TARGET of Rs. 485, 490, 494 and STOPLOSS of Rs. 465

Reason to Buy: It has closed above the important resistance of Rs 470 on daily closing basis.

Unitech

Buy Unitech with the TARGET of Rs. 17 and STOPLOSS of Rs. 15

Sell MCX Gold Oct Future with the TARGET of Rs. 32900

Intraday traders can sell MCX Gold October futures contract on rise or sell at Rs. 33900 for TARGET price of Rs. 32900 and Rs. 32600 with a STOPLOSS above Rs. 34350

Bullion: Gold futures rose to a three-and-a-half-month high on Wednesday, as growing speculation the U.S. was moving closer to taking military action against Syria’s government continued to boost safe-haven demand for the precious metal.

Energy: Crude oil futures remained higher on Wednesday, after the release of U.S. inventories data and as mounting speculation that the U.S. and other Western nations will intervene in Syria continued to boost oil prices.

Metals: Copper futures edged lower on Wednesday, as escalating geopolitical tensions between the U.S. and Syria continued to weigh on appetite for riskier assets. On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.326 a pound during European morning trade, down 0.3%. The December contract settled up 0.25% at USD3.335 a pound on Tuesday.

MCX Gold Oct futures contract trend is looking weak on chart, day traders can sell on rise Major support is seen in range of 32450, 31900 and 31000. While important resistance is seen near 33900, 34350 and 34700.

Recommendation - Day traders can sell at 33900 TARGET 32900 & 32600 STOPLOSS above 34350

MCX Silver Sep. futures contract is looking weak on chart, day traders can sell on rise Major support is seen in range of 54700 53700 and 52500. While important resistance is seen near 57700, 58700 and 60000

Recommendation - Day traders can sell at 57350 TARGET 54700 & 53700 STOPLOSS above 57950

MCX Gold December Contract and MCX Silver December Contract

MCX Gold December contract trades higher

At 10:52 hrs MCX Gold October contract was trading at Rs. 33640 up Rs 235, or 0.70%. The Gold rate touched an intraday high of Rs. 33842 and an intraday low of Rs. 33435. So far 2960 contracts have been traded. Gold prices have moved up Rs. 1790, or 5.62% in the October series so far.

MCX Gold December contract was trading at Rs 33612 up Rs 252, or 0.76%. The Gold rate touched an intraday high of Rs 33756 and an intraday low of Rs 33415. So far 218 contracts have been traded. Gold prices have moved up Rs 2672, or 8.64% in the December series so far.

MCX Silver December contract gains

At 10:55 hrs MCX Silver September contract was trading at Rs. 56204 up Rs. 428, or 0.77%. The Silver rate touched an intraday high of Rs. 56682 and an intraday low of Rs 55457. So far 2623 contracts have been traded. Silver prices have moved down Rs. 1115, or 1.95% in the September series so far.

MCX Silver December contract was trading at Rs. 57713 up Rs. 340, or 0.59%t. The Silver rate touched an intraday high of Rs. 58182 and an intraday low of Rs. 57035. So far 684 contracts have been traded. Silver prices have moved up Rs. 10544, or 22.35% in the December series so far.

Top Intraday Stocks to Buy Today on 29th August 2013

Jaiprakash Associates 

Buy Jaiprakash Associates with the TARGET of Rs. 40 and STOPLOSS of Rs. 31

Reason to Buy the Stock: The stock has been building a base for most part of this month despite the carnage in the broader markets. Now after a period of sideways consolidation between Rs. 29-33 the stock has finally confirmed a breakout on the upside. 

WIPRO

Buy Wipro above Rs. 470 with the TARGET of Rs. 495 and STOPLOSS of Rs. 460

Reason to Buy the Stock: IT stocks have been a safe haven in this bear market. Both Infosys and TCS have seen a significant upside in these intraday sessions. Now Wipro has confirmed a breakout from a three year long trading pattern. Stock was attempting to breakout the level of Rs. 470 for quite a while and on Wednesday it confirmed the same. 

MRF

Buy Wipro above Rs. 13000 with the TARGET of Rs. 14000 and STOPLOSS of Rs. 126000

Reason to Buy the Stock: The daily chart of MRF shows that the prices are near an important trend line support level whereas the momentum oscillators are extremely oversold.

National Mineral Development Corporation

Buy National Mineral Development Corporation above Rs. 117 with the TARGET of Rs. 130 and STOPLOSS of Rs. 109

Reason to Buy the Stock: While the market has corrected significantly in the last four trading sessions, NMDC has been consistently trading above the levels of Rs. 110. The daily chart structure shows a sideways consolidation in the range of Rs. 110-120 and the price action in yesterday’s trading session shows that if the stock moves above the level of Rs. 170 significant upside can be seen in the next few trading sessions

Ranbaxy Laboratories

Buy Ranbaxy Laboratories with the TARGET of Rs. 430 and STOPLOSS of Rs. 410

Reason to Buy the Stock: Yesterday it gave a sharp move crossing important level of Rs. 400. Its momentum has entered into bullish zone on daily chart.

Tata Consultancy Services (TCS)

Buy Tata Consultancy Services with the TARGET of Rs. 1945, 1950 and STOPLOSS of Rs. 1880

Reason to Buy the Stock:  It is making higher tops and higher bottoms since a long time, outperforming the market as well as the sector. Yesterday it managed to cross above the important resistance of Rs. 1900. I expect the move to continue. 

Stocks to Buy tomorrow on 29 August 2013

Here is the list of most active stocks with the potential break out for tomorrow.

Bullish Stocks

1. Hero MotoCorp Ltd 
2. MRF Ltd 
3. ICICI Bank Ltd 
4. Bajaj Electricals Ltd 
5. Rajesh Exports Ltd 
6. Biocon Ltd 
7. Sun Pharmaceutical Industries Ltd 
8. Mindtree Ltd 
9. JSW Steel Ltd

Bearish Stocks

1. Hindustan Zinc Ltd 
2. Castrol India Ltd 
3. Titan Industries Ltd 
4. Syndicate Bank 
5. Bosch Ltd
6. Induslnd Bank Ltd 
7. Jindal Steel & Power Ltd 
8. Videocon Industries Ltd

Happy Trading in Advance!

5 Shocking Facts About Indian Rupee

The Indian rupee is the worst performing currency in the

whole of emerging markets, at 

least in the month of August’2013. Not only has the currency's value against the US dollar halved in two years, it is also gearing up to witness biggest monthly decline since 1991.

Here are 5 facts that will shock you:

1. The Indian rupee slid from 46.15/dollar in August 29, 2011 to 68.75/dollar in August 28, 2013 - a plunge of whopping 49%.

2. On a monthly basis, the rupee depreciated 13.88%

3. YTD, the rupee has fallen 25%

4. The rupee fell 22% in July 1991, steepest before August 2013 happened

5. In March 1992, the rupee had fallen 11.5%

IT Stocks Celebrating While Others in Pain

12:26 PM:
IT Stocks Celebrating While Others are in Pain

IT Shares rose as the rupee hit record lows today with Tata Consultancy Services rising as much as 4% in the early trades.
Decline in Rupee is the gain of software exporters. More the rupee will weak, more will be the earnings for exporters.

According to news in Moneycontrol, Infosys shares hit a 28-month high today as brokerage house CLSA accorded a buy recommendation on the stock.

The brokerage house has set a target price for the stock at Rs 3,550 a share, the report said.

CLSA says that the company is likely to witness earnings per share upgrade of 8-12% on weaker rupee and that it expects clarity on US Immigration Bill in two months.

HCL Technologies gained more than 1%. Meanwhile, Wipro shares traded 2.42% higher at Rs. 466 on the National Stock Exchange as of 12:8 PM a day after it replaced Reliance Infrastructure Ltd in the National Stock Exchange’s 50-stock Nifty.

12:15 PM:
Gold Prices Hits All-time high 

Gold prices zoom to all-time high of Rs. 34,500 per ten gram at open as rupee hits historic low of 68.75 amid firm global trend.

11:05 AM:
Rupee, Stock markets pulls back

The Indian rupee and stock markets pulled back from the lows probably after the RBI sold dollars through the public sector banks, reported CNBC-TV18.

The rupee was at 68.07, after touching a 67.88 against the dollar. The Sensex was at 17,629.77, down 338.31 or 1.88%, and the Nifty at 5,165.30, down 122.15 or 2.31%.

However, the pullback is likely to be a temporary one as the underlying bearish tone is unlikely to change by the RBI’s intervention.

10:28 AM:
With rupee at 68.66, it’s a bottomless fall

The rupee continued its fall to hit 68.66 taking all financial markets along with it. The Sensex was at 17502.76 down 465 points and the Nifty was at 5131.85, down 153 points.

41 of the Nifty constituents and 26 of the Sensex were in the red. The rupee has fallen 8 percent this week and 13 percent and July 15 when the RBI started its tightening cycle.

HSBC, meanwhile, said that the biggest problem with Indian equities is the over ownership of foreign institutional investors. Though the situation is changing, the stock market will have to bear the brunt for some more time. There is nothing much to do now, but to adjust to further slowdown in growth.

10:10 AM:
Rupee breaches 68, is this Chidu jinx? 

The Indian rupee has hit 68 against the dollar a day after Finance Minister P Chidambaram reiterated that the rupee is undervalued and the government will not miss the fiscal deficit target. At 10.10 am, the rupee is trading at 68.02 against dollar.

The rupee has dropped 19.2% this year and is set for the worst fall since 1991. The rupee is currently the world’s worst performing currency.

The currency has plunged a little over 13% so far in the month of August alone to mark its worst monthly fall since the year 1993.

Herald Van Der Linde, Head of Equity Strategy, Asia-Pacific, HSBC feels that India was over-owned by Foreign Intuitional Investors (FIIs) as the situation is changing. In an interview to CNBC-TV18, he warned that over-ownership will remain an overhang on India.

“We will see economy, earnings downgrades in India. India’s multiples need to come down further. India needs to adjust to further slowdown in growth,” he explained.

10:00 AM:
‘RBI must intervene to tackle rupee fall,” says JP Morgan

Expressing concern over the rupee fall, JP Morgan said Forex intervention by the Reserve Bank of India is required to stem rupee fall. “Turnaround in real economy will take some time,” it said.

JP Morgan said that the Food Security Bill is not a major factor for rupee depreciation and said tax collection, oil & gas subsidies are worries for fiscal deficit target.

9:50 AM:
Rupee falls panic spreads on Twitter 
The rupee panic has spread across social media too, with many coming up with suggestions of what the government must do to stop the rupee fall.

9:15 AM:
Sensex opens 100 pts down, banks biggest loser

The Indian markets opened in the red once again today following the rupee fall and weak global cues.

The BSE Sensex opened at 17778.68, down 1.06%, while the Nifty opened at 5215, down 1.40 percent. The Sensex is down more than 100 points with 27 components in red.

BSE bank ex sits at the bottom of the sectoral pack with losses of nearly 3 percent; all components in the red.

Among the bank stocks, Axis Bank is trading down 6%, HDFC and Yes Bank are down almost 5%.

Tech stocks continue to perform well with BSE IT index at the top of the sectoral pack with gains of 1.1%.

Meanwhile, extending its early rally, gold price hit fresh all-time high of Rs 33,824 per 10 grams Tuesday on heavy buying as rupee plunged to its new record low of 66.30 against the US dollar.

9:00 AM:
Rupee hits 67.98

The Indian rupee opened at new record low today at 66.90 against the dollar. Rupee has fallen more than 6 percent this week so far.

In ten minutes of trade, rupee hit 67.98, its new record low.

On Tuesday i.e. 27th August 2013, the rupee hit a record low of 66.30 before closing at 66.19, down 188 paise from Monday’s close of 64.31, over concerns that the food security bill would throw government finances into disarray and fears of a US strike against Syria.
The rupee is emerging as a front-runner in a race to the bottom among emerging market currencies. In both absolute and percentage terms, Tuesday’s drop is the highest ever. The rupee has fallen by around 20% since the beginning of the year.

Updates end for 28 August

4:00 PM:
Sensex closes 590 pts down

The Indian markets gave up nearly all gains made over the previous three sessions, as blue chips including HDFC plunged on worries the passage of a food security bill would worsen the country’s fiscal deficit.

The rupee closed at 66.24 to a dollar, its lowest in 18 years.

The BSE Sensex closed at 17968.08, down 590.05 points or 3.18%. The Nifty closed at 5287.45, down 189.05 points, or 3.45 percent. Bank Nifty closes at lowest level since January 11, 2012.

The rupee hit a record low and shares slumped on Tuesday after Lok Sabha’s approval of a $20 billion plan to provide cheap grain to the poor renewed doubts about the government’s resolve to control spending ahead of elections due next year.

SBI Chairman Pratip Chaudhuri said that RBI will take final call on currency swap and he does not think it will make a huge difference. Adding that currency swap has been tried before, Chaudhuri stresses that it won’t correct trade imbalance. “Banking system will not be impacted by rupee depreciation and MTM losses depend on domestic interest rate,” he said.

Technology stocks remained on buyers’ radar as the rupee depreciation will help these IT software services exporters to report better earnings in Q2.

However, BHEL, HDFC and HDFC Bank plunged more than 8 percent, which indicates that there may be some offloading by foreign institutional investors.

2:50 PM:
Large fiscal deficit will impact growth negatively, says Yashwant Sinha

Criticising the government and the state of economy, BJP leader Yashwant Sinha said that running a large fiscal deficit will impact inflation which will lead to rising interest rates, thus impacting investment and growth.

“All of us remember the famous statement made by the PM that ‘money doesn’t grow on trees’. He also said that when the fiscal deficit will increase, the CAD will increase; prices will raise leading to an increase in the unemployment rate. I agree with the Prime Minister. This is a vicious cycle, and we need to find a way,” he said.

Sinha said that India’s external debt is Rs 390 billion dollar, out of this the short-term debt if a little over 172 billion dollars. And this is a worrying scenario as short-term debt is supposed to be repaid by 2014.

1.:40 PM:
Rupee hits 66


The Indian rupee has hit a new record low of 66. At 1.47 pm, rupee is at 66.02 against dollar.

The BSE Sensex is at 18032.16, down 525.97 points, 2.83%. The Nifty is at 5298.35, down 178.15 points, 3.25%.

Ajay Marwaha of HDFC Bank told CNBC-TV18 that the RBI’s intervention in the forex market has been largely ineffective and attributed the fall in rupee to the fall in emerging market currencies.

12:11 PM:
‘Market in Catch-22 situation’

“The market is in a catch-22 situation, but it’s like catching a falling knife. Investors with 1-and a half to 2 years horizon may get into select frontline stocks where FII selling has been huge, Dilip Bhat of Prabhudas Lilladher told CNBC-TV18.

He said though the Nifty may bounce back to 5700 levels, the volatility in the markets will be killing.

The Sensex was 491 points down and the rupee hit a new low of 65.87.

Finance Minister had earlier allayed fears saying that the Food Security Bill will not have a negative impact on the fiscal deficit. “We will not cross the red line of 4.8 percent of GDP this fiscal,” he told at a press conference.

IT stocks are doing well in what is otherwise a weak day for markets. The rupee’s weakness may be helping tech stocks. Wipro is trading 0.63 percent up, Infosys is up 1 percent.

11:35 AM:
Rupee hits record low, Sensex down 500 pts

The Indian rupee hit a record low today at 65.68 against the dollar. The Indian currency fell nearly 4% in the last three trading sessions.

Meanwhile, reacting to the rupee fall, the markets also went in deep red. The BSE Sensex is at 18076.28, down 2.60 percent, nearly 500 points down. While the Nifty is at 5325.55, down 2.76%.

Ashutosh Raina of HDFC Bank attributed rupee weakness to general decline in all emerging market currencies across the globe. He said food security bill passed by the Lok Sabha yesterday added to already existing concerns about the twin deficits. He however said 70 levels may not be that near as 66 will have to be defended for some time.

11:25 AM
CLSA says Modi stock market’s greatest hope

Indian remains the most at risk of a sovereign debt crisis, though the country does not have a high foreign ownership of rupee debt, said CLSA in its GREED and Fear note.

That Congress President Sonia Gandhi’s rare speech was only to endorse the highly expensive Food Security Bill is clouding the hope that the Congress will at least now strive to improve the governance, it said.

“The Indian stock market’s greatest hope in this respect is the emergence of Gujarat Chief Minister Narendra Modi as the BJP’s prime ministerial candidate. While the odds are definitely stacked against him, GREED & fear’s view is simply that the worse the sense of crisis the better Modi’s chance of winning,” it said.

According to the brokerage, Modi has been increasingly attacking the direction-less government and the collapsing rupee of late. It expects the rhetoric to gain pitch as the election approaches.

10:40 AM:
Chidambaram says food bill won’t affect Fiscal deficit

Finance Minister P Chidambaram said that the ‘red line’ on fiscal deficit is 4.8 percent of GDP and that will not be breached even if Food Security Bill is implemented.

The Food Bill was passed in the Lok Sabha yesterday.

The Finance Minister reiterated that the rupee is undervalued and it will find its own level. “We have to be patient, firm. Rupee will find its appropriate level,” he said.

He said that the CCI has cleared Rs 1.83 lakh crore worth projects yesterday and the message that the government wants to send through this is that investment cycle has been revived and the government is pushing it.

10:20 AM:
‘Don’t be surprised if Nifty hits 4900′

Hiren Ved, Director & CIO Alchemy Capital says the recent pullback seen in the market was entirely due to short covering and given the way Indian’s macros are shaping up, one should not be surprised if Nifty hits 4900 going ahead.

His views come in line with Ridham Desai of Morgan Stanley. The market is likely to remain in a sideways range till the next Reserve Bank of India (RBI) monetary policy, which is scheduled in September, he told CNBC-TV18.

10.00 AM:

18303.76 -254.37 (-1.37%)
NIFTY 5395.10 -81.40 (-1.49%)

9.:45 AM:
Food Bill fans deficit concerns, rupee falls below 65

The rupee plunged near its all-time low and paring its gains in the last two sessions, as concerns weighed heavily in the financial markets on the expected increase in government’s subsidy burden following the passage of the food security Bill.

The rupee had ended down 110 paise or 1.74 percent at 64.30 against the US dollar after hitting an intra-day low of 64.75 in the previous session.

Forex dealers said besides strong demand for the American currency from importers and banks, dollar’s strength against other currencies overseas amid expectation that the Federal Reserve will soon taper its bond-buying programme weighed on the domestic currency.

They said several measures announced by the government and the RBI failed to check volatility in the rupee.

Weak domestic fundamentals such as record current account deficit concern too put pressure on the rupee, they said.

In order to arrest the rupee slide, RBI had announced measures such as restriction on Indian firms investing abroad and on outward remittances by resident Indians, triggering talks of return of capital control regime.

9:15 AM:
Rupee plunges below 65, Sensex down 200 pts
The rupee resumed its free fall and plunged to 65.22 in the opening trades today largely in line with the rout witnessed in the emerging market currencies globally.

Adding to the rupee’s worries was the month-end dollar demand from importers including oil marketing companies.

The experts spoke on the CNBC-TV18 said the rupee’s depreciation was linked to the wide current account deficit. “The rupee will continue to depreciate” Ray Farris of Credit Suisse told CNBC-TV18. He India may have to resort to monetary tightening to arrest the currency slide.

The rupee depreciation pulled down the Sensex and the Nifty, with both the benchmark indices opening down about 1 percent.

The BSE Sensex opened at 18323, down 1.5 percent, while the Nifty opened at 5399, 1.4 percent down.

On Monday night, Parliament approved the historic Food Security Law after just six hours of debate. Food minister KV Thomas tweaked several key proposals including assuring states that their existing schemes will not be tampered with and they will get to select the beneficiaries. The total food grain requirement is projected at 62 million tonnes for an estimated expenditure of around Rs 125000 crore this year.

Globally, Syria concerns led US stocks to reverse earlier gains in the last hour of trading with the Dow and S&P 500 ending about half a percent lower. In Europe, shares closed slightly lower with fears of a government collapse in Italy dragging down the Italian index.

Asian markets were trading lower today morning following a lackluster lead from Wall Street and fears of a possible confrontation with Syria.

Banking stocks have been badly hit with all BSE bankex components trading in red. Yes Bank , Indus Ind Bank and Canara Bank are all down more than 3 percent.

Sesa Goa is down 4%. On Monday, Sesa Goa announced it will replace Sterlite in the Sensex. Sesa Goa’s weight age will also increase in Nifty and FTSE.

IDFC is down 7.23% as Reserve Bank has notified the decrease in FII limit in IDFC to 54% from 74% earlier.

Top Stocks to Buy and Sell Today on 28th August 2013

Here are the Top 5 Stocks for Short Term Gain.

Top Stocks to SELL Today:

HDFC Bank

SELL HDFC Bank at CMP with the TARGET of Rs. 552 and STOPLOSS of Rs. 572

Reason to SELL: It has broken an important support of Rs 570 on daily closing basis with volumes. Price has started tagging the lower Bollinger band.

Bank of India

Sell Bank of India (BOI) at CMP with the TARGET of Rs. 132 and STOPLOSS of Rs. 142

Reason to SELL: My second pick is Bank of India ( BOI ). BOI has been most underperforming stock in the banking sector. It is continuously making lower tops and lower bottoms. Yesterday it made a fresh bottom below Rs 140 levels.

Sun Pharma 

Sell Sun Pharma  September Futures below Rs. 500 with the TARGET of Rs. 468 and STOPLOSS of Rs. 515

Reason to SELL: For a while this stock was holding on its own amidst the carnage in the broader markets, but now the signs of topping out and distribution are clearly visible. The stock is in the process of making lower tops and lower bottoms and a fall below 100-day moving average is going to accentuate the selling pressure in the next two trading sessions.

Arvind  Mills

Sell Arvind  Mills September Futures at Rs. 75 with the TARGET of Rs. 68 and STOPLOSS of Rs. 78

Reason to SELL: This stock has yet again reversed from its downward sloping trend line. In fact since January on multiple occasions the stock has failed to clear this hurdle. It also coincides with resistance of 100-day moving average. If you look at the momentum oscillators they are also reversing on the downside. The stock is a sell on every rally.

Top Stocks to BUY Today: 

Colgate Palmolive

Buy Colgate Palmolive above Rs. 1,230 with the TARGET of Rs. 1,300 and STOPLOSS of Rs. 1,195 (Based on yesterday's candlestick pattern)

Reason to Buy: The chart structure of Colgate Palmolive shows that over the last nine months the stock has been trading in the range of Rs 1,220 on the lower side to Rs 1,500 on the upside. At the current juncture the stock is at the lower end of the range and the momentum oscillators are extremely oversold. 

Oil and Natural Gas Corporation (ONGC)

BUY ONGC at Rs. 250 with the TARGET of Rs. 280 and STOPLOSS of Rs. 239

Reason to Buy: The second stock that we will recommend is also a buy call with regards to Oil and Natural Gas Corporation (ONGC). Over the last three years the stock has continuously taken support in the zone of Rs 240-250.