Since August 2021, MOIL was stuck in a range of 180 - 155. In yesterday’s session, the stock managed to breakout of this range and the price action was supported by decent volumes. In addition, the momentum oscillators on the daily, weekly and monthly scale are positively poised hinting towards fresh upside. Hence, traders are advised to buy the stock on dips near 178 with a stop loss of 170 for the upside potential target of 192 in 1 – 2 weeks.
BUY SHRIRAM TRANSPORT FINANCE | TARGET: 1300 | STOP LOSS: 1150
Few session’s back, the stock underwent a breakdown from Head and Shoulder pattern near 1400 mark and the pattern had a target of around 250 points on the downside. In line with the pattern, the stock made a low near 1150 mark and has formed a reversal candlestick pattern. We believe that if 1150 is not breached then the stock could witness a decent bounce from here on. Thus, traders are advised to buy the stock near 1200 with a stop loss of 1150 for the upside potential target of 1300 in 1 – 2 weeks.
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Disclaimer: Mehul Kothari is a Technical Research Analyst at Anand Rathi Shares & Stock Brokers. Views are personal.
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