 "Buy Praj Inds, Bank of Baroda, Arvind: Chandan Taparia")
PRAJ INDUSTRIES: BUY
STOP LOSS: Rs 80
TARGET: Rs 92
It gave an upside breakout near to Rs 73 levels in the month of June and rallied towards Rs 117 levels but recently it has corrected in last six weeks and now again turning from the support zones of Rs 73 levels. It is a classical example of resistance becoming support and stock can head towards recent high levels. It has negated its immediate pattern of lower top - lower bottom formation. Thus looks attractive in terms of risk reward ratio. One can buy the stock with stop loss of Rs 80 for the upside target of Rs 92 levels.
BANK OF BARODA: BUY
STOP LOSS: Rs 179
TARGET: Rs 196
It has negated the immediate negative pattern of making lower highs- lower lows and is turning from the lower band of the range. It is moving after taking support at its 35 DMA and showing the potential to regain its long term trend of making higher top higher bottom formation. One can buy the stock with stop loss of Rs 179 for the upside target of Rs 196 levels.
LIC HOUSING FINANCE: BUY
STOP LOSS: Rs 430
TARGET: Rs 470
It has been witnessing short covering activities as it is moving after the resent correction of last couple of trading sessions. It looks attractive in terms of risk reward ratio. So we are recommending to buy the stock with stop loss of Rs 430 for the upside immediate target of Rs 470 levels.
ARVIND: BUY
STOP LOSS: Rs 255
TARGET: Rs 280
It is showing the potential to bounce back from the lower levels as it has taken multiple support bases and moving with rising volumes. It looks attractive in terms of risk reward ratio as there is lot of room for upside move. One can buy the stock on small decline with stop loss of Rs 255 for the upside target of Rs 280 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 80
TARGET: Rs 92
It gave an upside breakout near to Rs 73 levels in the month of June and rallied towards Rs 117 levels but recently it has corrected in last six weeks and now again turning from the support zones of Rs 73 levels. It is a classical example of resistance becoming support and stock can head towards recent high levels. It has negated its immediate pattern of lower top - lower bottom formation. Thus looks attractive in terms of risk reward ratio. One can buy the stock with stop loss of Rs 80 for the upside target of Rs 92 levels.
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BANK OF BARODA: BUY
STOP LOSS: Rs 179
TARGET: Rs 196
It has negated the immediate negative pattern of making lower highs- lower lows and is turning from the lower band of the range. It is moving after taking support at its 35 DMA and showing the potential to regain its long term trend of making higher top higher bottom formation. One can buy the stock with stop loss of Rs 179 for the upside target of Rs 196 levels.
LIC HOUSING FINANCE: BUY
STOP LOSS: Rs 430
TARGET: Rs 470
It has been witnessing short covering activities as it is moving after the resent correction of last couple of trading sessions. It looks attractive in terms of risk reward ratio. So we are recommending to buy the stock with stop loss of Rs 430 for the upside immediate target of Rs 470 levels.
ARVIND: BUY
STOP LOSS: Rs 255
TARGET: Rs 280
It is showing the potential to bounce back from the lower levels as it has taken multiple support bases and moving with rising volumes. It looks attractive in terms of risk reward ratio as there is lot of room for upside move. One can buy the stock on small decline with stop loss of Rs 255 for the upside target of Rs 280 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