BUY MUTHOOTFIN | TARGET: Rs 1,210 | STOP LOSS: Rs 1,120
The stock has provided a breakout from a falling wedge pattern 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 scale which hints at further momentum in the counter. Based on the aforementioned rationale, we can expect conservative target of 1,210.
BUY BANDHAN BANK | TARGET: Rs 300 | STOP LOSS: Rs 277
The stock has provided a breakout from a multi-month falling trend line on the daily chart. The volumes were also higher than average which supports the breakout. The momentum indicator RSI has also 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 PIDILITE INDUSTRIES | TARGET: Rs 1,520 | STOP LOSS: Rs 1,430
The stock has found the support of its falling trend line and has reversed from the same. It also formed a double bottom formation on the daily chart. The overall setup hints at a strong pullback towards its previous swing high which is placed at 1,520 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.