 "Chandan Taparia recommends buy on ACC, HCL Tech, Godrej Industries")
ACC: BUY
Target: Rs 1,473
Stop Loss: Rs 1,375
HCL TECH: BUY
Target: Rs 914
Stop Loss: Rs 845
It has formed multiple bottoms near Rs 817-820 zones and now the support has shifted to Rs 860 zones. It is set to start an up move after the long consolidation of last 5 weeks. Earlier it corrected from Rs 989 to 811 zones and now moving upwards after an accumulation so looks strong even in terms of risk reward ratio. Thus recommending the traders to buy the stock with the stop loss Rs 845 for the upside immediate target of Rs 914 levels.
GODREJ INDUSTRIES: BUY
Target: Rs 409
Stop Loss: Rs 379
It has been making higher top higher bottom formation and is moving upside with built up of long position. It is continuously taking support and that support base is shifting to higher levels. It has formed an attractive price structure and showing the potential to head towards Rs 409 and higher levels. So, recommending selling the stock with stop loss of Rs 379 for the downside target of Rs 409 levels.
JINDAL STEEL: SELL
Target: Rs 72.50
Stop Loss: Rs 82
It failed to hold immediate support of Rs 78-76 zones and has been witnessing built up of shorts in last two trading sessions. It had witnessed a strong recovery in the previous series but could not cross Rs 88-90 zones and is turning back to the lower levels. Overall the stock is trading in weakness and witnesses selling pressure at every bounce back move. So, recommending selling the stock with stop loss of Rs 82 for the downside target of Rs 72.50 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
Target: Rs 1,473
Stop Loss: Rs 1,375
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It is turning from the multiple supports zones and has given a breakout from the falling supply trend line with significant rise in trading volumes. It was stuck in consolidation from last 6 - 7 weeks after negating the negative pattern of making lower top lower bottom formation and now it is well placed to move higher and is giving an early sign of trend reversal. Thus recommending the traders to buy the stock to gain the benefit of attractive risk reward ratio with the stop loss Rs 1375 for the upside immediate target of Rs 1473 levels.
HCL TECH: BUY
Target: Rs 914
Stop Loss: Rs 845
It has formed multiple bottoms near Rs 817-820 zones and now the support has shifted to Rs 860 zones. It is set to start an up move after the long consolidation of last 5 weeks. Earlier it corrected from Rs 989 to 811 zones and now moving upwards after an accumulation so looks strong even in terms of risk reward ratio. Thus recommending the traders to buy the stock with the stop loss Rs 845 for the upside immediate target of Rs 914 levels.
GODREJ INDUSTRIES: BUY
Target: Rs 409
Stop Loss: Rs 379
It has been making higher top higher bottom formation and is moving upside with built up of long position. It is continuously taking support and that support base is shifting to higher levels. It has formed an attractive price structure and showing the potential to head towards Rs 409 and higher levels. So, recommending selling the stock with stop loss of Rs 379 for the downside target of Rs 409 levels.
JINDAL STEEL: SELL
Target: Rs 72.50
Stop Loss: Rs 82
It failed to hold immediate support of Rs 78-76 zones and has been witnessing built up of shorts in last two trading sessions. It had witnessed a strong recovery in the previous series but could not cross Rs 88-90 zones and is turning back to the lower levels. Overall the stock is trading in weakness and witnesses selling pressure at every bounce back move. So, recommending selling the stock with stop loss of Rs 82 for the downside target of Rs 72.50 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