Marico, Apollo Tyres among top picks by Chandan Taparia of MOFSL

The 14 period RSI indicator has turned up from the centreline which indicates upward momentum and the Marico stock has space to move up.

Buy Marico | CMP: Rs 667 | Stop Loss: Rs 640 | Target: 720

On the Daily Chart, price broke out of a Descending triangle on July 8 and since then moved up around 6% in the last 6 trading days. The Most recent Candle is a Marubozu candle and is trading at its all time high price at Rs 668 indicating strong upward momentum. 

The 14 period RSI indicator has turned up from the centreline which indicates upward momentum and the stock has space to move up. The Weekly and Monthly price has broken out from a consolidation zone from October 2021 and has begun a trendy move. 

Buy Apollo Tyres | CMP: Rs 550 | Stop loss: Rs 530 | Target: Rs 590

On the Daily Chart, price broke out of a Rectangle Pattern on July 16 with higher-than-average buying volumes at Rs 550. The most recent candle has formed a large real body with small upper and lower wicks indicating the buyers were in control during the day. 

The ADX Indicator has been moving up since its trough which indicates the up move has strength to support it. 

On the Weekly Chart, the price has formed a double bottom which is a bullish reversal pattern and the most recent candle pattern is a Rising 3 method which is a bullish continuation pattern.

Godrej Properties | CMP: Rs 3,381 | Stop loss Rs 3,280 | Target: Rs 3,565

On the Daily Chart, price has formed a pole and flag pattern with an upward breakout at Rs 3,385. The on balance volume indicator has made higher highs which gives additional conformation to the up move. On the Weekly Chart, price has broken the higher range of the previous 2 weeks inside bars which indicate the pause in the previous trend has ended and the stock is ready to move up again. 

On the Monthly Chart, Price broke out of a CUP pattern in April and has opened gap up for every month since with big green real bodies which indicate strong bullish momentum.

(Chandan Taparia is a senior vice president of equity derivatives & technicals, broking & distribution at Motilal Oswal Financial Services Ltd. Views expressed are his own.)