Buy & Sell: Top picks by Ruchit Jain of Motilal Oswal for February 20

Buy Kotak Bank | CMP: Rs 1,987 | SL: Rs 1,920 | TGT: Rs 2,100

 

The Kotak Mahindra Bank stock has been forming a ‘Higher Top Higher Bottom’ structure and has been a relative outperformer in last couple of months. Prices are riding above the 20 DEMA and the RSI oscillator also hints at a continuation of the momentum. Hence, we expect the outperformance to continue in the stock.

 

Buy UPL | CMP: Rs 651 | SL: Rs 635 | TGT: Rs 680 

The UPL stock has recently given a breakout from a long consolidation phase and the declines post the breakout has seen strong buying interest. The ‘20 DEMA’ has been acting as a support on declines and the volumes are good along with the price upmove indicating a bullish trend.

 

Buy Shree Cem | CMP: Rs 28,611 | SL: Rs 27,900 | TGT 30,000 

The Shree Cements stock has shown a relative outperformance within the cement space in last few weeks and prices are on the verge of a breakout above its long consolidation phase. The RSI oscillator is hinting at a positive momentum and hence, we expect the stock to rally higher in the short term.

 

(Disclaimer: Ruchit Jain is head of equity technical research and wealth management at Motilal Oswal Financial Services. Views expressed are his own)