Stock picks by Nilesh Jain of Anand Rathi: Buy Wipro, Godrej Properties

The stock of Wipro is also trading well above its short-term and long-term moving averages

BUY WIPRO | TARGET: Rs 375 | STOP LOSS: Rs 345

The stock has provided a breakout from a 1-month consolidation pattern which looks like a rectangle formation on the daily chart. The MACD indicator has provided a fresh buy crossover and RSI has also reversed from the oversold territory. It is also trading well above its short-term and long-term moving averages. Based on the above rationale the stock may attempt to fill the gap which is placed at 375 levels.

BUY TORNTPOWER | TARGET: Rs 325 | STOP LOSS: Rs 302

The stock has formed a strong base and also looks like it has formed a double bottom formation on the daily chart. It also surpassed the centerline of the Bollinger band which is called the exponential moving average and now it is heading towards the upper end of the band which is placed at 325 levels. The stock also witnessed a built-up of a long position with the addition of approximately 9% open interest. 

BUY GODREJPROP | TARGET: Rs 1,160 | STOP LOSS: Rs 1,050

The stock is trading in a rising channel and also making a higher top and higher bottom formation. The momentum indicator RSI has reversed from oversold territory and MACD has provided a fresh buy crossover on the daily chart which hints of further positive momentum in the counter.

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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.