Last week, the stock confirmed a very major breakout above 122-mark and then we saw a follow up move towards 136. Then, the stock was back below 130-mark and is consolidating. The theoretical target of the breakout comes around 144. Thus, traders can buy the stock near 128-mark with a stop loss of 120 for an upside target of 142 in 2 – 3 weeks.
BUY HAVELLS INDIA | TARGET: Rs 1,450 | STOP LOSS: Rs 1,100
Since the last couple of months, HAVELLS INDIA has corrected by almost 26 per cent from the top and is now hovering near 1200-mark. The fall got arrested near to its 200 day moving average. Here, we are witnessing a bullish doji candlestick near double bottom pattern which indicates bullish reversal in stock. Thus, traders can buy the stock near 1,200-mark with a stop loss of 1,100 for an upside target of 1,450 in 4 – 6 weeks.
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Disclaimer: Mehul Kothari is AVP – Technical Research at Anand Rathi Shares & Stock Brokers. He may or may not hold any position is the above mentioned stocks. Views are personal.
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