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RELIANCE INFRA: BUY
STOP LOSS; Rs 528
TARGET: Rs 562.50
The stock has formed an inverted head and shoulder pattern on daily chart which has bullish implication and held onto its gains even after profit taking seen in the broader market. It has been trading above its 50 DMA from last 10 trading sessions and at the current price juncture an up move led by strong buying activities towards 562.50 and higher levels may be seen.
STOP LOSS; Rs 528
TARGET: Rs 562.50
The stock has formed an inverted head and shoulder pattern on daily chart which has bullish implication and held onto its gains even after profit taking seen in the broader market. It has been trading above its 50 DMA from last 10 trading sessions and at the current price juncture an up move led by strong buying activities towards 562.50 and higher levels may be seen.
WELSPUN INDIA: BUY
STOP LOSS: Rs 107
TARGET: Rs 115
The stock surpassed its previous lifetime high of 111.40 levels and entered in the unchartered territory. It has been making higher top – higher bottom formation from last four weeks and now it is well placed to start its fresh leg of rally towards 115 and higher levels.
STOP LOSS: Rs 107
TARGET: Rs 115
The stock surpassed its previous lifetime high of 111.40 levels and entered in the unchartered territory. It has been making higher top – higher bottom formation from last four weeks and now it is well placed to start its fresh leg of rally towards 115 and higher levels.
HINDALCO: BUY
STOP LOSS: Rs 111
TARGET: Rs 118.50
The stock surpassed its multiple hurdle of 115 zones after the struggle of last ten series. It witnessed built up of long position with strong open interest addition of around 16% in previous session although profit taking was seen in the broader market indicating inherent strength in the counter. It gave the highest daily close since 29th June, 2015.
STOP LOSS: Rs 111
TARGET: Rs 118.50
The stock surpassed its multiple hurdle of 115 zones after the struggle of last ten series. It witnessed built up of long position with strong open interest addition of around 16% in previous session although profit taking was seen in the broader market indicating inherent strength in the counter. It gave the highest daily close since 29th June, 2015.
EXIDE INDUSTRIES: SELL
STOP LOSS: Rs 163
TARGET; Rs 153
The stock failed to sustain above its multiple hurdle of 165 levels and started to decline. It has given an up move from 144 to 165 zones so a profit booking decline of recent move cannot be ruled out as fresh shorts started to build in the counter.
STOP LOSS: Rs 163
TARGET; Rs 153
The stock failed to sustain above its multiple hurdle of 165 levels and started to decline. It has given an up move from 144 to 165 zones so a profit booking decline of recent move cannot be ruled out as fresh shorts started to build in the counter.
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
