WELSPUN INDIA : BUY
Target: Rs 100
Stop Loss: Rs 90
The stock has taken multiple support near to Rs 87.50-88.50 zones and turning higher after the consolidation of last six trading sessions. It has been holding above 50 DMA and looks quite strong to head towards immediate hurdle of Rs 101.50 zones. It has also negated its immediate negative pattern of making lower highs – lower lows of last three weeks by crossing above previous week high of Rs 94 levels. One can buy the stock with stop loss of 90 for the upside immediate target of Rs 100 levels.
VOLTAS : BUY
Target: Rs 301
Stop Loss: Rs 284
The stock has been moving upwards and supports are continuously shifting to higher levels. It has crossed and closed above crucial hurdle of Rs 289-290 zones and holding the same may continue to extended its move towards next hurdle of Rs 301-303 zones. It has crossed the supply zones with rising trading and delivery volumes that also supports our positive view on the counter. One can buy the stock with stop loss of Rs 284 for the upside target of Rs 301 levels.
COLGATE : BUY
Target: Rs 875
Stop Loss: Rs 821
It has made a strong bottom near to Rs 810 zones and now started to move after the consolidation of last eleven weeks. It has surpassed 50 DMA and adding fresh built up of long position. Earlier it was underperformer and shorts were added in the counter so now holding above Rs 850 may also attract a short covering move to witness a bounce back move towards Rs 875 and higher levels. It looks strong in terms of risk reward ratio so one can buy with stop loss of Rs 821 for the upside target of Rs 875 levels.
ONGC : SELL
Target: Rs 202
Stop Loss: Rs 216
It has failed to cross immediate hurdle of Rs 215 zones and also trading below its falling supply trend line. Medium term trend of the stock is negative and it has behavior to attract fresh shorts at any meaningful bounce back move. It has started to witness liquidation of long position and fresh call writing at Rs 210 and 220 strike are also forcing to it go down below Rs 200 zones. One can sell the stock on a small bounce back move with strict stop of Rs 216 levels for the downside potential target of Rs 202 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
