 "Top trading recommendations by Anand Rathi: Buy Dr Reddy's Labs, Bata India")
BUY AMARAJBAT | TARGET: Rs 900 | STOP LOSS: Rs 750
In the month of Jan 2021, AMARAJABAT was trading above 1,000-mark. Now, the stock is hovering near 800 odd levels. It’s around 20% correction from the top but the stock is still in the long-term uptrend. At this juncture, the stock is hovering near the potential reversal zone of a bullish harmonic pattern. In addition; it is at the support of a falling trend line on the daily chart. The risk to reward ratio for going long is highly lucrative in this stock. Hence, traders are advised to buy the stock in the range of 800 - 790 with a stop loss of 750 for the upside potential target of 900 in 3 – 5 weeks.
BUY BATAINDIA | TARGET: Rs 1,420 | STOP LOSS: Rs 1,200
The stock BATAINDIA has corrected from the top of over 1600 to the recent bottom below 1300-mark. This has brought the stock under oversold zone in smaller time frame. At this juncture, the stock is trading near the potential reversal zone of a couple of harmonic patterns called CYPHER and a SHARK. For a medium-term trader, this could be a perfect price to go long with a time frame of 1 – 2 months. Thus; traders are advised to buy the stock in the range of 1290 - 1270 with a stop loss of 1200 for the upside potential target of 1420 in 3 – 5 weeks.
BUY DRREDDY | TARGET: Rs 5,350 | STOP LOSS: Rs 4,800
Since the past couple of weeks, the PHARMA index has been doing phenomenally well. Of this, the stock DRREDDY has been a bit underperformer but now has gained the limelight due to the production of Russian SPUTNIK V vaccine. The price pattern is very strong on the technical parameters and the stock could outperform once there is more clarification on the developments of vaccine. Traders are advised to buy the stock in the range of 4990 - 4940 with a stop loss of 4800 for the upside potential target of 5350 in 3 – 5 weeks.
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Disclaimer: Mehul Kothari is AVP – Technical Research at Anand Rathi Shares & Stock Brokers. Views are personal.
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Disclaimer: Mehul Kothari is AVP – Technical Research at Anand Rathi Shares & Stock Brokers. Views are personal.
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