Here's why Anand Rathi recommends buying Brigade Enterprises, Laxmi Organic

Mehul Kothari of Anand Rathi is bullish on Brigade Enterprises and Laxmi Organic Industries

BUY BRIGADE | TARGET: 484 | STOP LOSS: 439

After a corrective move from the 510-mark, the stock sneaked below 450-mark and found support exactly at the placement of Span A of Ichimoku cloud indicator. We are witnessing a reversal on the daily chart which indicate fresh upside from here on. Traders can buy the stock on dips between 455 – 453 with a stop loss of 439 for upside target of 484 in 2 – 3 weeks.

BUY LXCHEM | TARGET: 475 | STOP LOSS: 435

At this juncture on the daily scale, Laxmi Organic Industries is on the verge of a breakout from the pattern, which resembles bullish inverse head and shoulder. The theoretical target for the pattern comes around 500. Also, the price action is supported by positive placement of daily RSI, which is about to cross the 60 mark. Traders can buy the stock on dips near 448 - 445 with a stop loss of 435 for upside target of 475 in 2 – 3 weeks.
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Disclaimer: Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal.