Here's why Mehul Kothari expects a turnaround in Birla Corp, IEX

According to the technical analyst from Anand Rathi, IEX can be bought for a target of Rs 156, while Birla Corp can rally to Rs 1,020.

BUY

Indian Energy Exchange (IEX)

Buy Near: Rs 142

Target: Rs 156

Stop Loss: Rs 134

The stock has been highly oversold. The weekly RSI is turning from the historical support. Also the stock found support at the placement of falling trend line.

As per the derivatives data, we are witnessing some unwinding in 140 strike Call option and that seems to be short covering. Thus, we advise traders to buy it in the range Rs 144 - Rs 140 with a strict stop of Rs 134.

BUY

Birla Corp

Buy Near: Rs 965

Target: Rs 1,020

Stop Loss: Rs 930

Birla Corp has been under pressure since quite some time but