 "Stock recommendations from Angel Broking")
KPIT: Buy
Target: Rs 145
Stop Loss: Rs 118
After significant correction in first half of this calendar year, counter has been moving up with formation of higher top and higher bottom on daily charts. Recently stock corrected from 135 to 112 levels, which is 61.80% retracement of previous impulsive move from 102 to 135 levels. So the price extension of this impulsive move gives us the target of 145 for the counter. Stock trading decisively above 89 EMA is also a positive indication. Fix stop loss @ 118 and go long. Time horizon for the trade is around 2 weeks.
JUST DIAL: Sell
Target: Rs 930
Stop Loss: Rs 1,065.
Both in daily and weekly chart this counter remains in low to and low bottom formation. In recent bounce back of previous impulsive move from 1290 to 1007, stock didn’t even manage to retrace till 38.20% which is sign of weakness. We expect stock to remain under pressure and breach the psychological support of 1000 and move down to the levels of 930, which is our target price. Fix a stop loss of 1065 for this trade whose time horizon is around 2-3 weeks.
CROMPTON GREAVES: Buy
Target: Rs 206
Stop Loss: Rs 179
On daily charts stock is moving in a triangle and is about to move out of this pattern. On weekly chart there is a clear visibility of a pennant. This increases likely hood of upper ward breakout from the daily triangular pattern. Though target price from break of pennant pattern can be quite aggressive but for time being we expect stock to move to the levels of 206. Fix a stop loss of 179 and go long.
Disclaimer: We are suggesting all these stocks to our clients but there is no personal holding
Siddarth Bhamre is head of equity derivatives and technicals at Angel Broking
Target: Rs 145
Stop Loss: Rs 118
After significant correction in first half of this calendar year, counter has been moving up with formation of higher top and higher bottom on daily charts. Recently stock corrected from 135 to 112 levels, which is 61.80% retracement of previous impulsive move from 102 to 135 levels. So the price extension of this impulsive move gives us the target of 145 for the counter. Stock trading decisively above 89 EMA is also a positive indication. Fix stop loss @ 118 and go long. Time horizon for the trade is around 2 weeks.
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JUST DIAL: Sell
Target: Rs 930
Stop Loss: Rs 1,065.
Both in daily and weekly chart this counter remains in low to and low bottom formation. In recent bounce back of previous impulsive move from 1290 to 1007, stock didn’t even manage to retrace till 38.20% which is sign of weakness. We expect stock to remain under pressure and breach the psychological support of 1000 and move down to the levels of 930, which is our target price. Fix a stop loss of 1065 for this trade whose time horizon is around 2-3 weeks.
CROMPTON GREAVES: Buy
Target: Rs 206
Stop Loss: Rs 179
On daily charts stock is moving in a triangle and is about to move out of this pattern. On weekly chart there is a clear visibility of a pennant. This increases likely hood of upper ward breakout from the daily triangular pattern. Though target price from break of pennant pattern can be quite aggressive but for time being we expect stock to move to the levels of 206. Fix a stop loss of 179 and go long.
Disclaimer: We are suggesting all these stocks to our clients but there is no personal holding
Siddarth Bhamre is head of equity derivatives and technicals at Angel Broking