 "Stock calls by Nilesh Jain of Anand Rathi: Buy Titan, Sell Bajaj Finance")
BUY KEI | TARGET: Rs 535 | STOP LOSS: Rs 491
The stock has provided a breakout from a "symmetrical triangle" formation on the daily chart. The volumes were higher than average which also supports the breakout. The conservative target of the pattern is coming around 535 levels. It also surpassed the upper band of the Bollinger band which hints at a fresh breakout on the chart. It is trading well above its short-term and long-term moving averages. Based on the above rationale, we can expect further upside momentum in the counter.
BUY TITAN | TARGET: Rs 1,570 | STOP LOSS: Rs 1,451
The stock has formed a "bullish candle" after falling for the 4th consecutive session. This pattern resembles a bullish engulfing candlestick pattern which is considered as a bullish reversal pattern. The stock also has strong support at 1,451 which was its previous swing low and looks like a possibility of a "double bottom" formation. It is also trading well above its short-term and long-term moving averages. The momentum indicator RSI has reversed from the oversold territory on the daily chart which hints of a strong pullback on the higher side.
SELL BAJFINANCE | TARGET: Rs 4,500 | STOP LOSS: Rs 4,840
The stock earlier formed a "double top" formation and, since then, has been witnessing a continuous fall. It also breached the lower band of the Bollinger band which hints at a fresh breakdown in the counter. Moreover, it broke the 50-DMA, which was acting as a support, and will now act as immediate resistance. The momentum oscillator MACD has provided a sell crossover on the daily chart which hints of some weakness in the counter.
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Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.
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Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.
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