BUY HEG | TARGET: Rs 2,520 | STOP LOSS: Rs 2,150
HEG stock after trading with a strong uptrend recently underwent some consolidation. During this phase, it was oscillating in a range of Rs 2,000-2,250. In the previous session, the stock managed to break out from this range with decent volumes which indicates accumulation. Hence, traders are advised to buy the stock near Rs 2,280 with a stop loss of Rs 2,150 for an upside potential target of Rs 2,520 in 1-3 weeks.
BUY LARSEN & TOUBRO | TARGET: Rs 1,450 | STOP LOSS: Rs 1,300
Recently Larsen & Toubro corrected from the peak of Rs 1,600 and settled near the Rs 1,300 mark. During the process, it made a falling wedge formation. In the previous session, the stock confirmed a breakout from this pattern which has a theoretical target of at least Rs 1,450. The price action was supported by the positive placement of oscillators along with a ‘hammer’ formation on the weekly scale. Thus, traders are advised to buy the stock near Rs 1,350 with a stop loss of Rs 1,300 for the upside potential target of Rs 1,450 in 1-3 weeks.
BUY LAL PATH LAB | TARGET: Rs 3,150 | STOP LOSS: Rs 2,800
The pharma stocks along with diagnostic centre stocks have been the flavour of the market for many months now. Even Dr Lal PathLabs has rallied significantly. However, recently, the stock tumbled from the peak of around Rs 3,400 and was consolidating. Now, it is turning from the 505 retracement of the entire rally which happened from the lows of Rs 2,250. The price action is supported by volumes which indicates accumulation. The risk-reward to go long looks lucrative at this point in time. Traders are advised to buy the stock near Rs 2,925 with a stop loss of Rs 2,800 for the upside potential target of Rs 3,150 in 1-3 weeks.
Disclaimer: Mehul Kothari is AVP – Technical Research at Anand Rathi Shares & Stock Brokers. Views are personal.