 "Where are Nifty stocks headed?")
BUY PETRONET: The stock took support at its 13 DMA and gave a consolidation breakout. It had consolidated after witnessing a strong run from Rs 237 to Rs 275 levels and now it again started to move. Thus, it has formed a bullish pattern and is hovering near its lifetime high levels. It is well placed to give a breakout from its long consolidation of 19 weeks and head towards Rs 275 and also register new lifetime high levels. One can buy the stock with the stop loss of Rs 256 for the upside target of Rs 275 levels.
BUY RSWM: The stock gave a breakout after the consolidation of last fifteen trading sessions and registered highest daily close of last seventy two trading sessions. It has been continuously respecting its 13 DMA from last seventeen trading sessions and has been making higher top higher bottom from last twelve weeks. One can buy the stock with the stop loss of Rs 324 for the upside target of Rs 347 levels.
BUY BHARATFORGE: The stock is making the higher base and supports are shifting to higher levels. It has been consolidation from last couple of trading sessions and holding the support at Rs 785 zones. It managed to hold the gains even after market weakness thus indicating strength in the counter. Earlier it was trading in the bear grip so holding above Rs 815 may attract the short covering move towards Rs 825 and higher levels. One can buy the stock with the stop loss of Rs 777 for the upside target of Rs 825 levels.
SELL ACC: The stock witnessed a pause in the rally and started to decline. It broke its support of Rs 1440 levels and has been falling from last three weeks. It had witnessed a strong rally in the March and April series and now it is witnessed absence of buying at the higher levels. Thus we are recommending selling the stock on bounce back move with the strict stop loss of Rs 1487 for the downside target of Rs 1395 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
