 "Mehul Kothari recommends these 2 stocks on 'Symmetrical Triangle' breakout")
BUY
Godfrey Phillips
Buy Near: Rs 1,220
Target: Rs 1,320
Stop Loss: Rs 1,170
The stock Godfrey Phillips has confirmed a major breakout which resembles a bullish 'Symmetrical Triangle' pattern. The recent price action was supported with heavy volumes. Even the daily and weekly RSI are positively placed which indicates positive momentum.
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Thus, we advise traders to buy the stock on dips near Rs 1,220 for a target of Rs 1,320 in the coming sessions.
BUY
Zydus Wellness
Buy Near: Rs 1,720
Target: Rs 1,860
Stop Loss: Rs 1,650
Similar to Godfrey Phillips even Zydus Wellness has a 'Symmetrical Triangle' pattern breakout on the daily chart. The price action is supported with volumes which indicates that the breakout is genuine.
The stock has finally managed to close well above its 200-DEMA and SMA and this is first sign of trend change. Thus, we advise traders to buy the stock near Rs 1,720 for a target of Rs 1,860 in the coming sessions.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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