Buy Redington, Triveni Engineering for up to 15% upside: HDFC Securities

On the broader market outlook, Vinay Rajani technical & derivative analyst of HDFC Securities says the Nifty needs to break from the 22,204-22,529 range for fresh direction.

The Nifty snapped its three-day rally on April 02 despite a sharp last half hour recovery. Cash market volumes on the NSE were higher at Rs 1.01 lakh crore. Broad market indices closed more than a per cent higher even as the advance decline ratio remained positive at 3.4:1.

The Nifty has formed a doji (after a doji in the previous session) on April 02 suggesting indecision at higher levels. The Nifty seems to be facing difficulty in building on to gains beyond 22,500. The 22,204-22,529 band stays valid for the time being for the Nifty. A breach of this band could decide the future direction of Nifty.

BUY

Redington

Last close: Rs 222.15

Target: Rs 255

Stop-loss: Rs 216.20

The stock price has broken out from the consolidation, which held for last 6 weeks. Price rise is accompanied by rise in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart.

The stock is placed above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have been showing strength in the current

uptrend.

BUY

Triveni Engineering

Last close: Rs 334

Target: Rs 347

Stop-loss: Rs 324.15

The stock has surpassed the crucial resistances of 50- and 200- DEMA in last two trading sessions. Sugar stocks have started getting traction after long time. The stock price has confirmed higher top and higher bottom formation on the daily chart.

(Vinay Rajani, CMT, Senior Technical & Derivative Analyst, HDFC Securities. Views expressed are personal).