United Spirits, Zomato: Chandan Taparia of MOFSL picks these stocks to buy

Stocks to Buy Today, Dec 18: The Zomato stock has formed a bullish piercing pattern near key support levels and is headed up

Buy UNITDSPR | CMP: Rs 1,563 | Stop Loss: Rs 1,520 | Target price: Rs 1,645

 

The price has broken out of an inverted head and shoulder pattern with a surge in volumes visible on the daily chart. The RSI indicator is headed up confirming the positive momentum.

 

Buy ZOMATO | CMP: Rs 296 | Stop Loss: Rs 288 | Target: Rs 314         

 

Stock formed a bullish piercing pattern near key support levels and is headed up. It is holding gains despite broader market weakness and perfectly respecting its 50 DEMA. The Stochastic indicator has turned up which is a positive confirmation of price movement.   

 

Sell AUBANK FUT 26th Dec | CMP: Rs 561 | Stop loss: Rs 575 | Target: Rs 530

 

Price has broken down from a descending triangle with a large bodied bearish candle. The overall trend of the stock is bearish and is perfectly respecting its 20 DEMA. The ADX Line is rising which confirms the strength of the downtrend.=  ================  Disclaimer: This article is by Chandan Taparia, head derivatives & technicals, wealth management at Motilal Oswal Financial Services. Views expressed are his own.