Stock picks by Nilesh Jain of Anand Rathi: Buy IGL, Colgate Palmolive

The stock of Colgate Palmolive has surpassed the upper band of the Bollinger band which hints of a fresh up move in the counter

BUY IGL | TARGET: Rs 535 | STOP LOSS: Rs 480

The stock has provided a golden crossover on the daily chart where a 50-DMA surpassed its 200-DMA hinting at a fresh momentum in the counter. On the weekly scale, meanwhile, it is hovering near its 200-weekly moving average placed at 501 levels and breakout from the same will be confirmed on the higher side. The momentum indicators and oscillators are in the buy mode on the weekly scales which also supports the positive momentum.

BUY COLPAL | TARGET: Rs 1,700 | STOP LOSS: Rs 1,570

The stock is in a secular uptrend and has provided a breakout from a double bottom formation on the daily chart. It has also surpassed the upper band of the Bollinger band which hints of a fresh upmove in the counter. The momentum indicator RSI has reversed from oversold territory and MACD has provided a fresh buy crossover on the daily chart.

BUY ICICIGI | TARGET: Rs 1,540 | STOP LOSS: Rs 1,430

The stock is making a higher top and higher bottom formation on the daily chart. It has also provided a breakout from a flag and poll pattern on the daily chart and the conservative target for the same is coming around 1,540 levels. It is also trading well above its short-term and long-term moving averages. 

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Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.