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Trading Calls: Mehul Kothari recommends Buy Birlasoft, Sell IndusInd Bank

According to the analyst from Anand Rathi, IndusInd Bank has rallied sharply in the recent days without any corrective move, and is currently facing some headwinds at 200-WMA.

Topics
IndusInd Bank | Market trends | stock market trading

Mehul Kothari  |  Mumbai 

markets, stock market, brokers, brokerages, sensex, correction, nifty, shares, growth, profit, economy, gain

SELL

IndusInd Bank

Sell Below: Rs 1,040

Target: Rs 990

Stop Loss: Rs 1,070

In the past few sessions, has rallied from Rs 800 zone towards the recent high of Rs 1,070 without any corrective move.

At this point in time, the stock is facing some headwinds at the placement of the 200 week moving average. The intraday chart are showing signs of exhaustion and thus we might see some profit booking.

Thus, we advise traders to sell the stock only below Rs 1,040 for downside target of Rs 990 in the coming sessions.

BUY

Birlasoft

Buy Near: Rs 345

Target: Rs 365

Stop Loss: Rs 335

The stock has confirmed a fresh breakout on the daily chart after announcing decent results. The recent positive price action is supported with incremental volumes and that indicates accumulation.

Thus, we advise traders to buy the stock near Rs 345 for an upside target of Rs 365 in the coming weeks.

(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).

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First Published: Fri, August 05 2022. 08:22 IST
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