Buy M&M Finance (Rs 197)
Target Rs 210
The stock has broken out after consolidating for 5 weeks. The price breakout is accompanied with rise in volume, and the stock has been holding above its medium to long term moving averages. The stock has been one of the outperformer in the NBFC space in last couple of months. Indicators and oscillators have turned bullish on both the daily and weekly charts. The stock has also been forming higher tops and higher bottoms on weekly charts.
Buy Indian Bank (Rs 172.60)
Target Rs 190
Stop-loss Rs 160
The stock has broken out from ascending triangle on the weekly charts. The Stock price has shown throw-back towards the previous breakout levels, which can resume the primary uptrend after a running correction. The Nifty PSU Bank Index has broken out from medium term downward sloping trend line on the weekly charts. The stock price has surpassed the previous two tops on the weekly chart and the price breakout is accompanied by higher volume. The primary trend of the stock has been bullish with higher tops and higher bottoms and the stock has also been holding levels above its medium to long term moving averages.
Vinay Rajani, Technical Research Analyst, HDFC securities. Views expressed are personal
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