BUY | MCDOWELL-N | TARGET: Rs 620 | STOP LOSS: Rs 545
The stock surpassed its previous swing high and also reclaimed its 200-DMA placed at Rs 570 levels. It has also provided a fresh breakout from a symmetrical triangle formation and a conservative target for the same is coming around Rs 650 levels. The momentum indicators and oscillators are in the buy mode on the daily as well as weekly scales which hints of further positive momentum in the counter.
BUY | STAR | TARGET: Rs 740 | STOP LOSS: Rs 669
The stock has found strong support at around Rs 600 levels and it is making a higher top and higher bottom formation. It has now surpassed the centerline of the Bollinger band which is called the exponential moving average and now it is heading towards the upper end of the band which is placed at Rs 750 level. The momentum indicator RSI has reversed from oversold territory and MACD has provided a fresh buy crossover on the daily chart which hints of further positive momentum in the counter.
SELL | BANK OF BARODA | TARGET: 46 | STOP LOSS: Rs 49
The stock has formed a bearish Harami candlestick pattern on the daily chart which is considered as a bearish reversal pattern. It is also trading below its 200-DMA which is acting as a major hurdle. The momentum indicators RSI has reached overbought territory and formed a double top which hints of some reversal in the counter.
Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.