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WELSPUN INDIA : BUY
Target: Rs 930
Stop Loss: Rs 867
The stock has crossed immediate hurdle of Rs 885 zones and holding the gains from last two trading sessions. It is also respecting to its 50 DMA and given the highest daily close in last 20 trading sessions near to Rs 900 zones. It has made a bullish pole and flag pattern on monthly chart and holding above Rs 900 has potential to cross its life time high of Rs 963 levels. We are suggesting to buy the stock with stop loss of Rs 867 for an immediate target of Rs 930 levels.
TORRENT POWER : BUY
Target: Rs 252
Stop Loss: Rs 232
The stock has seen a price volume breakout on daily and weekly chart after the recent consolidation of last four weeks. It has managed to surpass its immediate hurdle of 232-235 zones and showing the momentum to head towards higher price territory. It is just few points away from its life time high territory and early momentum with volume is giving a potential target of Rs 252 levels. One can buy the stock with stop loss of Rs 232 for the upside target of Rs 252 levels.
INDRAPRASTHA GAS : BUY
Target: Rs 561
Stop Loss: Rs 523
The stock is holding the gains of more than 10% in the current series with sustained buying interest at every small decline. Overall major trend of the counter is positive as recent hold above Rs 520 zones may attract fresh buying interest towards Rs 561 levels. We are suggesting to trade long on a small decline with stop loss of Rs 523 for the upside target of Rs 561 levels.
JUBILANT FOODWORKS : SELL
Target: Rs 1082
Stop Loss: Rs 1150
It has failed to cross its immediate hurdle of Rs 1190-1194 zones and turning negative from last two sessions. It started to witness long liquidation and also adding fresh shorts which may drag it to lower levels once it sustains below Rs 1100 zones. It has failed to cross the hurdle area even after the second attempt in last two weeks which also suggests a negative behavior of the stock. One can sell the stock with stop loss of Rs 1150 for the downside target of Rs 1082 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi.
