Here's why Mehul Kothari recommends buying L&T Infotech, Symphony

According to the technical analyst from Anand Rathi, Symphony may give decent gains in the coming 3 to 4 weeks.

BUY LTI (L&T INFORTECH)

TARGET: Rs 7,100

STOP LOSS: Rs 6,000

In the past few sessions we have witnessed some traction in midcap IT stocks. LTI too is on the verge of a breakout on the daily scale. In addition, recently the stock has confirmed a breakout from falling trend line. Thus, short term traders are advised to buy the stock in the range of Rs 6,300 - Rs 6,260 with a stop loss of Rs 6,000 on a closing basis for the upside potential target of Rs 7,100 in the coming 1 to 2 months.

BUY SYMPHONY

TARGET: Rs 1,275

STOP LOSS: Rs 1,100

SYMPHONY has confirmed a range breakout above Rs 1,150 mark. The price action was accompanied with exceptional volume which indicates accumulation. Also, there is a possibility of fresh momentum once the stock closes above Ichimoku flat line on the weekly scale. Thus, one can accumulate the stock near Rs 1,160 with a stop loss of Rs 1,100 for an upside target of Rs 1,275 in the coming 2 – 3 weeks.

Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal.