Stock tips by Nilesh Jain of Anand Rathi: Buy Radico Khaitan, Shoppers Stop

The stock of Radico Khaitan has found the support of its rising trend line and has also formed a reversal candle on the daily chart

BUY RADICO KHAITAN | TARGET: Rs 440 | STOP LOSS: Rs 395

The stock has found the support of its rising trend line and has also formed a reversal candle on the daily chart. The momentum indicators and oscillators are in the buy mode on the weekly scales which hint that recent correction should be used as a buying opportunity. 

BUY ALEMBIC PHARMACEUTICAL | TARGET: Rs 1,030 | STOP LOSS: Rs 950

The stock has provided a breakout from a falling trend line on the daily chart. It has also negated the formation of lower top and lower bottom formation which indicates that the trend has reversed. The momentum oscillator MACD provided fresh buy crossover on the daily chart which hints of further positive momentum in the counter.

BUY SHOPPERSSTOP | TARGET: Rs 190 | STOP LOSS: Rs 168

The stock has provided a breakout from a falling channel on the daily chart and the target for the same is coming around 190. The volumes were also higher than average which supports the breakout. The momentum indicators and oscillators are in the buy mode on the weekly scales which hints of strong momentum on the higher side.

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Disclaimer: Nilesh Jain is Technical and Derivatives Research Analyst at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.