 "Trading ideas by Nilesh Jain of Anand Rathi: Buy L&T, IDFC First Bank")
BUY L&T
TARGET: Rs 1,350
STOP LOSS: Rs 1,255
The stock is making a higher top and higher bottom formation on the daily chart. It has also surpassed its 200-weekly moving average which is placed near 1,260 levels and will now act as immediate support. The momentum indicators and oscillators are in buy mode on the weekly scales, supporting the positive momentum. The stock has witnessed a build-up of long positions with the addition of 6 per cent open interest.
BUY IDFC First Bank
TARGET: Rs 39
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STOP LOSS: Rs 35.5
The stock is trading in a rising channel. It has also found support of its 50-DMA which is placed at 34 levels and reversed from the same. It has now surpassed the centerline of the Bollinger band which is called the exponential moving average, and is heading towards the upper end of the band which is placed at 39 levels. The momentum indicator RSI has reversed from the oversold territory on the daily chart, hinting further momentum on the higher side.
BUY Muthoot Finance
TARGET: Rs 1,290
STOP LOSS: Rs 1,185
The stock is constantly taking the support of a rising trend line and showing resilience as every decline is getting bought into. It is also trading well above its short-term and long-term moving averages. The MACD has provided a fresh buy crossover on the daily chart above the zero line. The stock also witnessed a built-up of long positions with the addition of 18 per cent open interest.
Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.
Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.
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