 "Four stocks to buy today")
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KALYANI STEELS : BUY
Target: Rs 142
Stop Loss: Rs 128
It is slightly moving upwards from last couple of trading sessions with rising trading volumes. It registered the highest daily close in last ten trading sessions and also managed to close above 50 DMA. All the metal counters are in focus and it looks more attractive in comparison with other metal stocks. Thus recommending to buy the stock with the stop loss of Rs 128 for the upside target of Rs 142 levels.
Stop Loss: Rs 128
It is slightly moving upwards from last couple of trading sessions with rising trading volumes. It registered the highest daily close in last ten trading sessions and also managed to close above 50 DMA. All the metal counters are in focus and it looks more attractive in comparison with other metal stocks. Thus recommending to buy the stock with the stop loss of Rs 128 for the upside target of Rs 142 levels.
RURAL ELECTRIFICATION CORPORATION: BUY
Target: Rs 262.50
Stop Loss: Rs 241.50
It has negated the lower highs price formation on weekly chart and gave the highest daily close of last six trading sessions above its 13 DMA. It gave a breakout on the falling supply trend line and is turning from the lower levels. Thus indicating a bounce back move towards 262.50 and higher levels with attractive risk reward ratio. So recommending to buy the stock with the stop loss of Rs 241.50 for the upside target of Rs 262.50 levels.
Target: Rs 262.50
Stop Loss: Rs 241.50
It has negated the lower highs price formation on weekly chart and gave the highest daily close of last six trading sessions above its 13 DMA. It gave a breakout on the falling supply trend line and is turning from the lower levels. Thus indicating a bounce back move towards 262.50 and higher levels with attractive risk reward ratio. So recommending to buy the stock with the stop loss of Rs 241.50 for the upside target of Rs 262.50 levels.
BPCL: BUY
Target: Rs 908
Stop Loss: Rs 856
It is moving after taking support at 815 – 820 zones and is making higher highs- higher lows. It has added Open interest by around 15% in last couple of trading sessions. It is turning from the major support with rising trading and open interest activity. So one can go long in the stock with the stop loss of 856 for the upside target of 908 levels.
Target: Rs 908
Stop Loss: Rs 856
It is moving after taking support at 815 – 820 zones and is making higher highs- higher lows. It has added Open interest by around 15% in last couple of trading sessions. It is turning from the major support with rising trading and open interest activity. So one can go long in the stock with the stop loss of 856 for the upside target of 908 levels.
STATE BANK OF INDIA: BUY
Target: Rs 242
Stop Loss: Rs 227
It has taken multiple supports and is moving after the consolidation of last six trading sessions. It is turning from the oversold territory and may witness bounce back move led by short covering activity as most of the banking stocks have started the bottoming out process. So one can go long in the stock with the stop loss of Rs 227 for the upside target of Rs 242 levels.
Target: Rs 242
Stop Loss: Rs 227
It has taken multiple supports and is moving after the consolidation of last six trading sessions. It is turning from the oversold territory and may witness bounce back move led by short covering activity as most of the banking stocks have started the bottoming out process. So one can go long in the stock with the stop loss of Rs 227 for the upside target of Rs 242 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
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