Mehul Kothari recommends these 2 stocks on 'Symmetrical Triangle' breakout

According to the technical analyst from Anand Rathi, Godfreh Phillips can jump to Rs 1,320, while Zydus Wellness can be bought for a target of Rs 1,860.

BUY

Godfrey Phillips

Buy Near: Rs 1,220

Target: Rs 1,320

Stop Loss: Rs 1,170

The stock Godfrey Phillips has confirmed a major breakout which resembles a bullish 'Symmetrical Triangle' pattern. The recent price action was supported with heavy volumes. Even the daily and weekly RSI are positively placed which indicates positive momentum.

Thus, we advise traders to buy the stock on dips near Rs 1,220 for a target of Rs 1,320 in the coming sessions.

BUY

Zydus Wellness

Buy Near: Rs 1,720

Target: Rs 1,860

Stop Loss: Rs 1,650

Similar to Godfrey Phillips even Zydus Wellness has a 'Symmetrical Triangle' pattern breakout on the daily chart. The price action is supported with volumes which indicates that the breakout is genuine.

The stock has finally managed to close well above its 200-DEMA and SMA and this is first sign of trend change. Thus, we advise traders to buy the stock near Rs 1,720 for a target of Rs 1,860 in the coming sessions.

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