 "Stock tips: Buy Ashok Leyland, Crompton Greaves; Sell ACC")
APAR INDUSTRIES: BUY
STOP LOSS: Rs 380
TARGET: Rs 433
It has negated its immediate negative pattern of making lower lows of last four trading sessions. Recently, it has taken multiple support at around 350 zones and reclaimed its 50 DMA. The overall medium and long term trend of the stock is intact to positive even after volatility in broader market. It is well placed to start the next rally towards 433 and higher levels. One can buy the stock on small decline with stop loss of 380 for the upside target of 433 levels.
ASHOK LEYLAND: BUY
STOP LOSS: Rs 82
TARGET: Rs 92
It has taken support near to 77-78 zones on Tuesday and during the last session recovered towards 89 levels. It has turned from the crucial levels as earlier 77 was acting as a resistance and now that is acting as a support zones. It looks strong as overall trend of the stock is positive and it is well placed to catch its momentum of making higher top – higher bottom. One can buy the stock with stop loss of 82 for the upside target of 92 levels.
CROMPTON GREAVES : BUY
STOP LOSS: Rs 159
TARGET: Rs 175
It has taken support near the lower band of the trading range at the multiple support of 150-152 zones and it is working well from last seventeen series. It has seen decline in open interest by more than 10% with positive price action in last two sessions which indicates that shorts are covering their position and now fresh longs may drive the move on higher side. One can buy the stock on small decline with stop loss of 159 for the upside target of 175 levels.
ACC : SELL
STOP LOSS: Rs 1,417
TARGET: Rs 1,333
It has been continuously witnessing selling pressure from last six series. Recently, it has given a bounce back move from 1350 to 1410 zone but bears are again pulling the stock to lower levels with liquidation of long position. As per its price behavior it may retest it lows of 1350-1333 levels. Thus recommending to sell the stock with the stop loss of 1417 level for the downside target of 1333 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
STOP LOSS: Rs 380
TARGET: Rs 433
It has negated its immediate negative pattern of making lower lows of last four trading sessions. Recently, it has taken multiple support at around 350 zones and reclaimed its 50 DMA. The overall medium and long term trend of the stock is intact to positive even after volatility in broader market. It is well placed to start the next rally towards 433 and higher levels. One can buy the stock on small decline with stop loss of 380 for the upside target of 433 levels.
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ASHOK LEYLAND: BUY
STOP LOSS: Rs 82
TARGET: Rs 92
It has taken support near to 77-78 zones on Tuesday and during the last session recovered towards 89 levels. It has turned from the crucial levels as earlier 77 was acting as a resistance and now that is acting as a support zones. It looks strong as overall trend of the stock is positive and it is well placed to catch its momentum of making higher top – higher bottom. One can buy the stock with stop loss of 82 for the upside target of 92 levels.
CROMPTON GREAVES : BUY
STOP LOSS: Rs 159
TARGET: Rs 175
It has taken support near the lower band of the trading range at the multiple support of 150-152 zones and it is working well from last seventeen series. It has seen decline in open interest by more than 10% with positive price action in last two sessions which indicates that shorts are covering their position and now fresh longs may drive the move on higher side. One can buy the stock on small decline with stop loss of 159 for the upside target of 175 levels.
ACC : SELL
STOP LOSS: Rs 1,417
TARGET: Rs 1,333
It has been continuously witnessing selling pressure from last six series. Recently, it has given a bounce back move from 1350 to 1410 zone but bears are again pulling the stock to lower levels with liquidation of long position. As per its price behavior it may retest it lows of 1350-1333 levels. Thus recommending to sell the stock with the stop loss of 1417 level for the downside target of 1333 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research