In the past few sessions we have witnessed some traction in midcap IT stocks. LTI too is on the verge of a breakout on the daily scale. In addition, recently the stock has confirmed a breakout from falling trend line. Thus, short term traders are advised to buy the stock in the range of Rs 6,300 - Rs 6,260 with a stop loss of Rs 6,000 on a closing basis for the upside potential target of Rs 7,100 in the coming 1 to 2 months.
SYMPHONY has confirmed a range breakout above Rs 1,150 mark. The price action was accompanied with exceptional volume which indicates accumulation. Also, there is a possibility of fresh momentum once the stock closes above Ichimoku flat line on the weekly scale. Thus, one can accumulate the stock near Rs 1,160 with a stop loss of Rs 1,100 for an upside target of Rs 1,275 in the coming 2 – 3 weeks.
Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal.
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