Here's why Mehul Kothari recommends to Buy Page Industries, Sell TCS

According to the technical analyst from Anand Rathi, TCS can decline to Rs 3,160; whereas Page Industries can witness a sharp rally to Rs 48,500 level.

SELL

TCS

Sell Near: Rs 3,300

Target: Rs 3,160

Stop Loss: Rs 3,370

Previously the stock TCS found resistance near Rs 3,370 level and took a dip towards Rs 2,900-mark. Currently, the stock is again trading near Rs 3,300 mark and there is reversal candlestick pattern. There is a possibility of double top formation and the stock is finding supply at the placement of 200-day moving average.

Thus, we advise traders to SELL the stock near Rs 3,300 with a strict stop of Rs 3,370.

BUY

Page Industries

Buy Near: Rs 46,500

Target: Rs 48,500

Stop Loss: Rs 45,500

The stock has been in a corrective mode from the peak of Rs 54,000. At this point in time, it seems that the stock has found support at its 200-day moving average. Further, we are witnessing reversal candlestick pattern on the daily scale. The price action indicates a trend reversal or a sharp bounce from current levels.

Thus, we advise traders to buy the stock near Rs 46,500 mark with a strict stop of Rs 45,500.

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