 "Two stock recommendations from Osho Krishan of Anand Rathi: Buy PNB, HPCL")
BUY PNB | TARGET: Rs 45 | STOP LOSS: Rs 35.50
PNB has reversed from its strong support of 200 DEMA on the daily chart. Although on the weekly time frame, it formed a 'hammer candlestick' and surged afterwards, indicating a reversal in the trend. Also, the stock has confirmed the formation of higher bottom and higher top on the larger time frame affirming trend reversal. Even the monthly RSI has crossed the decisive level of 40, suggesting inherent strength in the counter.
BUY HPCL | TARGET: Rs 285 | STOP LOSS: Rs 260
Hindustan Petroleum has seen a strong closing in the last trading session and is currently hovering between its short and medium exponential moving averages on the daily chart. On the oscillator front, 14 period RSI has bounced from the oversold region indicating an early sign of reversal in the counter. Even the stock is situated above the very strong support zone of the 50% Fibonacci retracement. And sustenance above the same could be seen strong trigger for the counter.
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Disclaimer: Osho Krishan is senior manager – equity research at Anand Rathi Shares & Stock Brokers. Views expressed are personal.
PNB has reversed from its strong support of 200 DEMA on the daily chart. Although on the weekly time frame, it formed a 'hammer candlestick' and surged afterwards, indicating a reversal in the trend. Also, the stock has confirmed the formation of higher bottom and higher top on the larger time frame affirming trend reversal. Even the monthly RSI has crossed the decisive level of 40, suggesting inherent strength in the counter.
BUY HPCL | TARGET: Rs 285 | STOP LOSS: Rs 260
Also Read
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Disclaimer: Osho Krishan is senior manager – equity research at Anand Rathi Shares & Stock Brokers. Views expressed are personal.
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