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L&T, SBI: Stocks Anand Rathi Research recommends buying at current levels

As regards SBI, Jay Anand Thakkar of Anand Rathi says that the stock is trading well above its short-term as well as medium-term moving averages. His target for the counter is Rs 375

Jay Anand Thakkar  |  Mumbai 

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NIFTY: BUY TGT 11800 SL: 11575

closed in the negative territory in the last trading session and the has formed a 'bearish engulfing pattern', which is a bullish reversal pattern. We had anticipated a fifth wave on the upside and it happened as anticipated. The five-wave rise seems to have gotten over and now retracement of the same seems to have started. However, a bounce can’t be ruled out. Recommend buying.

SBIN: BUY TGT: 375 SL: 325

The stock has provided a breakout from the symmetrical triangular pattern and the momentum indicator is well into buy mode at all degrees. The stock is trading well above its short-term as well as medium-term moving averages. Hence, we recommend buying this stock.

HEROMOTOCORP: BUY TGT: 2840 SL: 2685

The stock has provided a breakout from the falling wedge pattern, which is a bullish reversal pattern. The stock has also provided a good 'buy crossover' in its momentum indicator

L&T: BUY TGT 1610 SL: 1430

The stock has provided a breakout from the multiple swing resistance and has managed to close at all-time high level. The counter has also provided a buy crossover in its momentum indicator MACD, hence we recommend buying.

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Note: All stock prices in Rs

Disclaimer: The analyst may / may not have positions in any or all the stocks mentioned above.

First Published: Fri, May 24 2019. 06:30 IST
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