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Stock Recommendation

Indian Oil Corporation Ltd - Hold/Sell
There has been a spurt in the stock price because oil prices are likely to be revised upwards. However, until there is complete deregulation in the sector, the fundamentals of the company will not change.The stock is neutral on the charts. It has support at 340 and resistance at 400. Hold with a stop loss of 335 for a target of 440 or more.

Uflex Ltd - Sell
The stock is forming lower tops and bottoms on the charts which is a sign of weakness. A bounce back is expected but is likely to be limited to 200-220 levels. The stock has support at 160-120 levels.The fundamentals of the company remain strong even though the sentiments have turned negative after the company’s chairman was sentenced in a scam case. A technical bounce is likely on the counter.

MMTC Ltd - Sell
The company’s performance has been lacklustre and Q2 profits were hit. The stock is illiquid and is likely to be an underperformer. Disinvestment will increase supply causing further pressure in the counter. The stock is trading at an extremely high PE multiple.The stock has support at 1030 and resistance at 1142. The trend is down and the pullback rally was a technical bounce.

Shares of the cement maker gained Rs 16.2, or 1.63%, to settle at Rs 1,010.50. The total volume of shares traded was 111,608 at the BSE. At CMP of Rs 1,012, stock trades at valuation of USD 140 and USD 130 EV/Tonne for CY11E and CY12E respectively. Hence we recommend ``Accumulate`` with a price target of Rs 1,113, upside of 10% from the current levels.

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