 "3 stocks you can buy today")
BUY ICICIBANK: The stock crossed and closed above its 50 DMA and surpassed its hurdle of Rs 248.50 zones. It has been witnessing buying from last three trading sessions after taking support at its 200 DMA. It gave the highest daily close of last ten trading sessions and it is set for an up move towards 258 and higher levels. So, one can buy the stock with the stop loss of Rs 237 levels for the upside target of Rs 258 levels.
BUY CESC: The stock has been making higher top – higher bottom formation from last seven months and trading near 52 weeks high levels. The support base is shifting higher as earlier the support was around Rs 545 then the same shifted to Rs 585 and now the support is around Rs 625-628 zones. It has been making higher highs – higher lows from last two weeks and gave the highest daily close since 13th February, 2015. Thus, recommending to buy the stock with the stop loss of Rs 628 for the upside target of Rs 670 levels.
BUY BHARAT FORGE: The stock has formed a bullish price structure as after a strong rally witnessed in the first week of the series and now it is set for a consolidation breakout and head towards Rs 860 and higher levels. It witnessed built up of long position in previous session with open interest addition of around 2%. Thus recommending buying the stock with the stop loss of Rs 808 for the upside immediate target of Rs 860 levels.
SELL M&M: The stock failed to hold above its Rs 1500-1505 zones and started to decline as the buying interest was missing. It is finding hurdle at the higher levels and has been witnessing built up of short position with liquidation of long position. So recommending to sell the stock with the stop loss Rs 1505 for the downside target of Rs 1405 levels.
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Disclaimer: We are suggesting these stocks to our clients but not personal holdings
The author is Derivatives Analyst - Equity Research at Anand Rathi