 "Buy or Sell: Bank of Baroda, Dabur, ACC, M&M")
BUY BANKBARODA: The stock is gradually rising higher and witnessing buying interest at every minor decline. It snapped the losses made in previous two sessions and is now is set for breakout towards 173 and higher levels. It is showing strength and witnessing buying along with is other banking peers and gave the highest daily close of last ten months. Thus one can buy the stock with the stop loss of 161 levels for the upside target of 173 levels.
BUY DABUR: The stock gave a breakout from the consolidation of last nine trading sessions. It is witnessing a pause in the recent selling pressure and has taken multiple supports. It surpassed the hurdle of Rs 295 levels and according to current price placement of the stock an up move towards Rs 305 and higher levels may be seen. Thus one can buy the stock with the stop loss of Rs 287 levels for the upside target of Rs 305 levels.
BUY M&M: The stock has making higher highs from last six days and surpassed the immediate hurdle of Rs 1470 levels. It is witnessing short covering as well as built up of long position thus support the positive view in the stock. Thus one can buy the stock with the stop loss of Rs 1428 levels for the upside target of Rs 1516 levels.
SELL ACC: The stock is making lower highs - lower lows from last four trading sessions as it failed to surpass the hurdle of Rs 1730-1740 zone and finding selling pressure at the higher levels. It has seen built up of short position and short added shorts of around 15% in last two session which may cause a decline towards Rs 1640 and lower levels. One can sell the stock on a small bounce back move with strict stop loss of Rs 1742 for the downside target of Rs 1640 levels.
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Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi