Mehul Kothari recommends to buy Bajaj Finance, Redington; Check Why

The technical analyst from Anand Rathi has reiterated the Buy call on Redington (India) with a higher price target of Rs 210; Also, expects Bajaj Finance to rally to Rs 7,060.

BUY

Bajaj Finance

Buy Near: Rs 6,760

Target: Rs 7,060

Stop Loss: Rs 6,600

After a decent correction, the stock has found support at the placement of 200-day moving average. On the weekly scale, we are witnessing a bullish hammer kind of formation which indicates possibility of bounce.

Currently, the risk reward looks favourable for going long. Thus, we advise traders to buy the stock near Rs 6,760 with a strict stop of Rs 6,600.

BUY

Redington (India)

Buy Near: Rs 174

Target: Rs 210

Stop Loss: Rs 155

Few days back we recommended Redignton near Rs 162 for target price of Rs 178 and that is almost reached. We reiterate our view that the stock has confirmed a major range breakout which resembles a bullish Cup n Handle pattern. The price action is supported with rise in volumes.

Hence, we revise our view and advice traders to keep holding the stock or buy the stock near Rs 174 mark with a strict stop of Rs 155.

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