Business Standard
Web Exclusive

Here are the top stock picks by Nilesh Jain of Anand Rathi Shares

The stock has formed a bearish Harami candlestick pattern on the daily chart which is considered as a bearish reversal pattern.

Topics
Stock Picks | Markets | Bank of Baroda

Nilesh Jain  |  Mumbai 

buy and sell, markets, stocks
McDowell Holdings surpassed its previous swing high and also reclaimed its 200-DMA placed at Rs 570 levels.

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 | | 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.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 20 2020. 08:24 IST
RECOMMENDED FOR YOU
.