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BHARAT FORGE: BUY
STOP LOSS: Rs 1,240
TARGET: Rs 1,315
The stock has crossed and closed above immediate hurdle of 1260 zones and looks strong to head towards 1315 and 1350 levels. It has seen huge buying interest in last couple of trading sessions and holding well above its 50 DMA. We are recommending to buy the stock at decline with the stop loss of 1240 for the upside target of 1315 levels.
KSL (KALYANI STEEL): BUY
STOP LOSS: Rs 154
TARGET: Rs 169
The stock has been making higher top - higher bottom formation from last four weeks. Recently, it took support near the 145 zones and is moving upwards with rising trading volumes. We are recommending to buy the stock with the stop loss of 154 for the upside target of 169 levels.
LUPIN: BUY
STOP LOSS: Rs 1,745
TARGET: Rs 1,853
The stock started to move in line with all the pharma counters and it has also taken support at its rising trend line. It has been witnessing short covering activities and this momentum may continue in next coming trading sessions. We are recommending to buy the stock with the stop loss of 1745 for the upside target of 1853 levels.
HINDALCO: SELL
STOP LOSS: Rs 91
TARGET: Rs 83.50
The stock recorded one year lowest levels and is continuously trading in bears grip. It witnesses sustained selling pressure at every small bounce back move. It is trading at one year low levels and has been making lower top ? lower bottom formation. It has added huge short positions with shorts rollover from one series to next series and it has also broken important support of 100 and 90 levels. One can sell the stock with stop loss of 91 for the downside target of 83.50 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
