Metro Brands, Bayer Crop are ready for range breakout, says Mehul Kothari

According to the technical analyst from Anand Rathi, Metro Brands can rally to Rs 910; while Bayer Cropscience can surge to Rs 5,200.

BUY

Metro Brands

Buy Near: Rs 860

Target: Rs 910

Stop Loss: Rs 830

On the daily scale we are witnessing a range breakout in Metro Brands above Rs 860 mark. Along with price breakout; even the daily RSI is on the verge of clearing 60 level. We might witness some faster move on the upside once the price is supported with volumes.

Thus, we advise traders to buy the stock near Rs 860 with a stop loss of Rs 830.

BUY

Bayer Crop

Buy Near: Rs 4,900

Target: Rs 5,200

Stop Loss: Rs 4,750

We are witnessing a range breakout in Bayer Cropscience near Rs 4,880 and this breakout resembles inverse head and shoulder, rounding bottom or a cup n handle. The price action has occurred exactly above the 200-day moving average. In addition we are witnessing a bullish crossover of 20 and 100 day moving average.

Hence, we advise traders to buy the stock near Rs 4,900 with a strict stop of Rs 4,750.

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