Osho Krishan expects bullish bias in Balrampur Chini, Dr.Reddy's, Whirlpool

According to the technical analyst from Anand Rathi, most technical indicators are in favour of the bullish bias for these three stocks

BUY BALRAMPUR CHINI MILLS LTD

TARGET: Rs 365

STOP LOSS: Rs 321

BALRAMCHIN has witnessed a consolidation breakout on the hourly chart in the last trading session that was backed by an increase in average traded volumes. In the recent period, the stock has bounced from its 200-DEMA and is currently hovering above its 21-DEMA suggesting a short-term uptrend in the counter. On the oscillator front, MACD has seen a golden crossover followed by the 14-period RSI that also suggests a bullish stance in the counter from the short-term perspective.

BUY DRREDDY

TARGET: Rs 5,050

STOP LOSS: Rs 4,630

DRREDDY has retraced over 50 percent from the recent fall and is currently placed above the mean of the Bollinger band (20, 2) on the daily time-frame indicating a strong resurgence in the counter. At present, the stock is surrounded by the cluster of exponential moving averages and has been consolidating in a tight range from the last couple of trading sessions suggesting the formation of a strong base before the next rally. On technical parameters, the stock looks strongly poised to surge higher with the 14-period RSI placed above the signal line affirming a bullish stance.

WHIRLPOOL OF INDIA LTD

TARGET: Rs 2,450

STOP LOSS: Rs 2,210

WHIRLPOOL is hovering in a wide range of 61.80 to 50 percent on Fibonacci retracement of the recent fall. However, the sustenance above all its exponential moving averages on the daily time-frame construes a bullish stance in the counter. Even the MACD is hovering above its signal line post a positive crossover in the last trading session supporting the bullish view. Also on the Bollinger band, the stock is placed above the mean affirming the strong view in the counter.

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