Here's why Mehul Kothari recommends buying Hindalco, Endurance Technologies

According to the technical analyst from Anand Rathi, Hindalco has found support around its 200-DEMA, and seems poised for a potential reversal in the short-term.

BUY

ENDURANCE

TARGET: Rs 1,370

STOP LOSS: Rs 1,160

Since the past few trading sessions, we are witnessing positive price action in ENDURANCE along with heavy volume which indicates accumulation. On the daily scale, we were witnessing a range breakout which suggests upside momentum from here on. In addition, even the daily RSI has confirmed a breakout above 50 level which adds more conviction to the bullish outlook.

 Thus, traders can accumulate the stock in the range of Rs 1,245 - Rs 1,225 with a stop loss of Rs 1,160 for an upside target of Rs 1,370 in the coming 2 – 3 weeks.

BUY

HINDALCO

TARGET: Rs 520

STOP LOSS: Rs 465

On the daily chart we are witnessing that the stock HINDALCO has found support at the placement of its 200-DEMA. This support coincides with the placement of a bullish harmonic Alt Shark pattern. The pattern has its potential reversal zone between Rs 485 – Rs 475. We are expecting a strong trading bounce in the stock from current levels. 

Thus, we advise traders to go long in the stock in the range of Rs 490 - 480 with a stop loss of Rs 465 for an upside target of Rs 520 in 2 – 3 weeks.

(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).