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Voltas, RBL Bk: Nilesh Jain of Anand Rathi picks stks in this volatile mkt

The stock of Voltas has provided a fresh breakout from a pennant pattern on the daily chart and has also been trading in a rising channel

Topics
Stock calls | Market technicals | Markets

Nilesh Jain  |  Mumbai 

The stock of RBL Bank has formed a symmetrical triangle formation on the daily chart and is on the verge of a breakout from the same
The stock of RBL Bank has formed a symmetrical triangle formation on the daily chart and is on the verge of a breakout from the same

BUY VOLTAS | TARGET: Rs 755 | STOP LOSS: Rs 700

The stock has provided a fresh breakout from a pennant pattern on the daily chart and has also been trading in a rising channel. The momentum indicators and oscillators are in the buy mode on the weekly as well as daily scales which hint at a further positive momentum in the counter. The stock has also witnessed a build-up of a long position with the addition of approximately 18 per cent open interest.

BUY RBL BANK | TARGET: Rs 190 | STOP LOSS: Rs 172

The stock has formed a symmetrical triangle formation on the daily chart and is on the verge of a breakout from the same. The momentum indicator RSI has also breached the falling trend line and MACD has provided a fresh buy crossover on the daily chart which hint of further positive momentum in the counter.

BUY COAL INDIA | TARGET: Rs 125 | STOP LOSS: Rs 110

The stock has formed a strong base at around 110 levels. It also surpassed the centerline of the Bollinger band which is called the exponential moving average and now is heading towards the upper end of the band. It also reclaimed its short-term 21-DMA which was placed at 114 levels. The momentum indicators and oscillators have turned positive on the daily chart which hints of a strong pullback in the short term.

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Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.

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First Published: Tue, November 03 2020. 07:37 IST
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