 "Here's why Mehul Kothari recommends buying Hindalco, Endurance Technologies")
BUY
ENDURANCE
TARGET: Rs 1,370
STOP LOSS: Rs 1,160
Since the past few trading sessions, we are witnessing positive price action in ENDURANCE along with heavy volume which indicates accumulation. On the daily scale, we were witnessing a range breakout which suggests upside momentum from here on. In addition, even the daily RSI has confirmed a breakout above 50 level which adds more conviction to the bullish outlook.
Thus, traders can accumulate the stock in the range of Rs 1,245 - Rs 1,225 with a stop loss of Rs 1,160 for an upside target of Rs 1,370 in the coming 2 – 3 weeks.
BUY
HINDALCO
TARGET: Rs 520
STOP LOSS: Rs 465
On the daily chart we are witnessing that the stock HINDALCO has found support at the placement of its 200-DEMA. This support coincides with the placement of a bullish harmonic Alt Shark pattern. The pattern has its potential reversal zone between Rs 485 – Rs 475. We are expecting a strong trading bounce in the stock from current levels.
Thus, we advise traders to go long in the stock in the range of Rs 490 - 480 with a stop loss of Rs 465 for an upside target of Rs 520 in 2 – 3 weeks.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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