 "Here's why Mehul Kothari recommends to Buy Page Industries, Sell TCS")
SELL
TCS
Sell Near: Rs 3,300
Target: Rs 3,160
Stop Loss: Rs 3,370
Previously the stock TCS found resistance near Rs 3,370 level and took a dip towards Rs 2,900-mark. Currently, the stock is again trading near Rs 3,300 mark and there is reversal candlestick pattern. There is a possibility of double top formation and the stock is finding supply at the placement of 200-day moving average.
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Thus, we advise traders to SELL the stock near Rs 3,300 with a strict stop of Rs 3,370.
BUY
Page Industries
Buy Near: Rs 46,500
Target: Rs 48,500
Stop Loss: Rs 45,500
The stock has been in a corrective mode from the peak of Rs 54,000. At this point in time, it seems that the stock has found support at its 200-day moving average. Further, we are witnessing reversal candlestick pattern on the daily scale. The price action indicates a trend reversal or a sharp bounce from current levels.
Thus, we advise traders to buy the stock near Rs 46,500 mark with a strict stop of Rs 45,500.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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