Here's why Osho Krishan is bullish on Inox Wind, Just Dial and Manappuram

According to the technical analyst from Anand Rathi all three stocks have been consolidating and now set for a good breakout

BUY MANAPPURAM | TARGET: Rs 210 | STOP LOSS: Rs 165

MANAPPURAM has witnessed a breakout in the month of July but failed to witness a follow-up buying. However, in recent times, the stock has consolidated near its 200-DEMA and bounced back to the breakout zone with addition in the trading volumes suggesting strong potential in the counter.

Also at this juncture, the stock has reversed from the ICHIMOKU cloud support on the weekly scale affirming a strong resurgence in the counter and the placement is at lucrative levels for higher returns.

BUY JUSTDIAL | TARGET: Rs 1,050 | STOP LOSS: Rs 945

JUSTDIAL has been trading in a consolidation zone for the past couple of weeks. However, the stock has primarily being able to sustain above all its major exponential moving averages on the daily chart indicating inherent strength. Also in the past few trading sessions, addition in the daily volume has been seen suggesting accumulation of stock at the present level. On technical parameters, the stock is positively intact and has the potential to witness a breakout in the near future.

BUY INOX WIND LTD | TARGET: Rs 110 | STOP LOSS: Rs 95

INOXWIND is hovering near 61.80 per cent of Fibonacci retracement of the recent rally and is currently consolidating near previous swing highs. At present, the stock is placed near the 100-DEMA that historically has provided strong support and a strong resurgence has been seen in the counter. The risk-reward ratio is also very lucrative as the breakout of Rs 95 odd zone is expected to provide a cushion to the fall and the stock is expected to bounce in near future.

Osho Krishan is senior manager – Equity Research at Anand Rathi Shares & Stock Brokers. Views are personal.