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Stock calls by Nilesh Jain of Anand Rathi: Buy Bharat Forge, L&T Infotech

The stock of Bharat Forge has formed a strong base and has started making a higher top and higher bottom formation on the daily chart

Topics
Stock calls | Market technicals | Markets

Nilesh Jain  |  Mumbai 

The stock of Aurobindo Pharma has provided a breakout from a falling channel on the daily chart
The stock of L&T Infotech has formed a double bottom formation on the daily chart

BUY | TARGET: Rs 485 | STOP LOSS: Rs 450

The stock has formed a strong base and has started making a higher top and higher bottom formation on the daily chart. It has also provided a breakout from a modified head and shoulder pattern on the hourly chart. The volumes were also higher than average which also supports the breakout. The momentum indicator RSI has breached the falling trend line and MACD provided a fresh buy crossover on the daily chart which hints of further positive momentum in the counter.

BUY AUROPHARMA | TARGET: Rs 880 | STOP LOSS: Rs 820

The stock has provided a breakout from a falling channel on the daily chart. It is also trading well above its short-term and long-term moving averages. The momentum indicators and oscillators are in the buy mode on the daily scales which hints of further momentum in the counter.

BUY LTI | TARGET: Rs 2,700 | STOP LOSS: Rs 2,500

The stock has provided a breakout from a consolidation zone. It also formed a double bottom formation on the daily chart. The overall setup hints of a strong pullback towards its previous swing high which is placed at 2750 levels. It is also trading well above its short-term and long-term moving averages. The momentum indicators and oscillators are in the buy mode on the weekly scales which hints of strong momentum on the higher side. =============================
Disclaimer: Nilesh Jain is Technical and Derivatives Research Analyst at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.

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First Published: Tue, October 06 2020. 07:49 IST
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