 "Here's why Mehul Kothari recommends to Sell Infosys, Buy Redington")
SELL
Infosys
Sell Near: Rs 1,600
Target: Rs 1,540
Stop Loss: RS 1,630
Previously, the stock Infosys found resistance near Rs 1,620 level and took a dip towards Rs 1,350-mark. Currently, the stock is again trading near Rs 1,600 mark and there is reversal candlestick pattern.
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There is a possibility of double top formation and hence the risk reward to go short looks attractive. Thus, we advise traders to SELL the stock near Rs 1,600 with a strict stop of Rs 1,630.
BUY
Redington
Buy Near: Rs 162
Target: Rs 178
Stop Loss: Rs 154
The stock has confirmed a major range breakout above Rs 165 mark. Even on the line chart, the breakout is confirmed and resembles a bullish Cup n Handle pattern. The price action is supported with rise in volumes.
Thus, we advise traders to buy the stock near Rs 162-mark with a strict stop of Rs 154.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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