 "Here's why Mehul Kothari recommends buying JSW Steel, Genus Power")
BUY
GENUS POWER
TARGET: Rs 120
STOP LOSS: Rs 95
Recently the stock GENUS POWER confirmed a multi-year breakout above the Rs 95 mark and that too at its life time high. The breakout was supported with exceptional volumes. The theoretical target for breakout comes around Rs 130 – Rs 140 in the coming few months. Thus, short term traders can accumulate the stock in the range of Rs 105 - Rs 102 with a stop loss of Rs 95 for an upside target of Rs 120 in the coming 2 – 3 weeks.
BUY
Also Read
JSWSTEEL
TARGET: Rs 760
STOP LOSS: Rs 680
After a one-sided rally from Rs 570 to Rs 790 the stock JSWSTEEL has been in a corrective mode since past few sessions. In the recent session, the stock displayed sharp recovery and the pattern resembles a reversal candlestick. On the daily scale we are witnessing golden crossover of 50 DSMA with 200 DSMA which indicates a bullish move for medium term. Thus we advise traders to go long in the stock in the range of Rs 715 - Rs 705 with a stop loss of Rs 680 for an upside target of Rs 760 in 2 – 3 weeks.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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