 "Stock tips: Buy Cummins India, Bharti Airtel; Sell Hindalco")
Target: Rs 1,140
Stop Loss: Rs 1,035
The trend of the stock is positive and after the recent consolidation it is all set to start next round of up move. It is holding the gains above 50 DMA and looks attractive to move towards 1100 levels. Traders can buy the stock with stop loss of Rs 1035 for the upside immediate target of 1140 levels.
BHARTI AIRTEL: BUY
Target: Rs 365
Stop Loss: Rs 339
It is making base and consolidating in range of 365 to 330 levels from last two weeks. It has strong support near to Rs 330 zones and may continue to hold because of its nature of negative beta to the broader market. It is turning from the oversold territory and looks attractive in terms of risk reward ratio. Thus, traders can buy the stock with stop loss of Rs 339 for the upside target of 365 levels.
SYNDICATE BANK: SELL
Target: Rs 73
Stop Loss: Rs 82
It made a fresh 52 week low and has formed a negative structure. It has broken immediate support of 80 zones and selling may continue towards 73 and 70 levels. In the last series it has seen rolls of more than 85 % and shorts are intact. Thus recommending to sell with the stop loss of Rs 82 for the downside target of 73 levels.
HINDALCO: SELL
Target: Rs 70
Stop Loss: Rs 77
The stock is bears grip and trading at 6 years low levels and witnessing selling pressure at every minor attempt to bounce back. It has been making lower top – lower bottom formation. It is witnessing built up of short position and these shorts are intact in the counter with short rollover from previous series to current series and holding below Rs 75 may continue the distress selling towards 70 and 68 zones. One can sell the stock with stop loss of Rs 77 for the downside target of 70 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research