 "Buy HPCL, Dabur; Sell BHEL, PNB: Anand Rathi")
HPCL: BUY
STOP LOSS: Rs 822
TARGET: Rs 875
It has been holding the gains above its 50 DMA even after selling pressure being witnessed in the broader market. It has been making higher top – higher bottom formation from last eight weeks. One can buy the stock with stop loss of 822 for the upside target of 875 levels.
STOP LOSS: Rs 266
TARGET : RS 285
It has been consolidating in a range from last 8 weeks and has managed to hold the support base at 260-262 zones . It is not ready to give up even after sustain supply at higher levels which clearly indicates strength in the counter. It is defensive counter which is continuously holding the support from last couple of trading sessions. Thus we are recommending buying the stock with the strict stop loss of 266 for the upside target of 285 levels.
BHEL: SELL
STOP LOSS: Rs 171
TARGET: Rs 161
It has been making lower top – lower bottom formation on daily, weekly and monthly chart. It is under the bear grip and not ready to witness any bounce back move. It has failed to surpass immediate hurdle of 175 zones and fresh Call writing at higher strike also support our negative view on the counter. One can sell the stock with stop loss of 171 for the downside target of 161 levels.
PNB: SELL
STOP LOSS: Rs 117
TARGET: Rs 109
It broke its support of 115 zones and registered 52 weeks low levels. It has been continuously trading in bears grip from last consecutive six weeks which indicates weak undertone of the stock. Overall trend is negative as sustained selling pressure is being witnessed in the stock at every attempt to bounce back and shorts are intact as it has been falling from last couple of weeks. Traders can sell the stock with stop loss of 117 for the downside target of 109 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
STOP LOSS: Rs 822
TARGET: Rs 875
It has been holding the gains above its 50 DMA even after selling pressure being witnessed in the broader market. It has been making higher top – higher bottom formation from last eight weeks. One can buy the stock with stop loss of 822 for the upside target of 875 levels.
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DABUR: BUY
STOP LOSS: Rs 266
TARGET : RS 285
It has been consolidating in a range from last 8 weeks and has managed to hold the support base at 260-262 zones . It is not ready to give up even after sustain supply at higher levels which clearly indicates strength in the counter. It is defensive counter which is continuously holding the support from last couple of trading sessions. Thus we are recommending buying the stock with the strict stop loss of 266 for the upside target of 285 levels.
BHEL: SELL
STOP LOSS: Rs 171
TARGET: Rs 161
It has been making lower top – lower bottom formation on daily, weekly and monthly chart. It is under the bear grip and not ready to witness any bounce back move. It has failed to surpass immediate hurdle of 175 zones and fresh Call writing at higher strike also support our negative view on the counter. One can sell the stock with stop loss of 171 for the downside target of 161 levels.
PNB: SELL
STOP LOSS: Rs 117
TARGET: Rs 109
It broke its support of 115 zones and registered 52 weeks low levels. It has been continuously trading in bears grip from last consecutive six weeks which indicates weak undertone of the stock. Overall trend is negative as sustained selling pressure is being witnessed in the stock at every attempt to bounce back and shorts are intact as it has been falling from last couple of weeks. Traders can sell the stock with stop loss of 117 for the downside target of 109 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research