 "Technical picks from Anand Rathi: Buy Zee Entertainment, HPCL, Century Textiles; Sell Hindalco")
ZEE ENTERTAINMENT : BUY
Target: Rs 404
Stop Loss: Rs 378
HINDUSTAN PETROLEUM: BUY
Target: Rs 818
Stop Loss: Rs 764
The stock has seen positive price action after a consolidation of last three trading sessions and closed above its 50 DMA. We have seen sustained buying interest in all the oil marketing companies and as per the recent price structure, this momentum may continue for next coming sessions. Traders can buy the stock with the stop loss of Rs 764 for the upside target of Rs 818 levels.
CENTURY TEXTILES: BUY
Target: Rs 597
Stop Loss: Rs 558
It crossed the multiple hurdle of Rs 570-572 levels after the consolidation and struggle of last fifty seven trading sessions. It also gave the highest daily close above the crucial supply zones so fresh buying led by short covering may continue the momentum in the counter towards Rs 597 and higher levels. We have observed rising trading and delivery volumes in most of the textile counter which indicates that traders have accumulated the stock for next leg of rally. We are suggesting to buy the stock with the stop loss of Rs 558 for the upside target of Rs 597 levels.
HINDALCO : SELL
Target: Rs 75.50
Stop Loss: Rs 83
The major trend of the stock is intact to week as it has been falling down from last five weeks. It witnesses sustain selling pressure at every small bounce back and holding below crucial hurdle of Rs 83 and 80 zones. It has seen fresh call writing at Rs 80 strike which will continue to push the stock to lower levels. One can sell the stock on bounce back move with stop loss of Rs 83 for the downside target of Rs 75.50 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
Target: Rs 404
Stop Loss: Rs 378
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The stock has negated its negative formation of last three weeks and turned higher by taking support near to Rs 375 zones which is working well from last two months. It is set to surpass its falling supply trend line which may continue to support it to move on higher side. The stock is turning from oversold territory in daily chart and technical indicators are also suggesting positive signal on the same. It looks attractive in terms of risk reward ratio, so recommending buying the stock with the stop loss of Rs 378 for the upside target of Rs 404 levels.
HINDUSTAN PETROLEUM: BUY
Target: Rs 818
Stop Loss: Rs 764
The stock has seen positive price action after a consolidation of last three trading sessions and closed above its 50 DMA. We have seen sustained buying interest in all the oil marketing companies and as per the recent price structure, this momentum may continue for next coming sessions. Traders can buy the stock with the stop loss of Rs 764 for the upside target of Rs 818 levels.
CENTURY TEXTILES: BUY
Target: Rs 597
Stop Loss: Rs 558
It crossed the multiple hurdle of Rs 570-572 levels after the consolidation and struggle of last fifty seven trading sessions. It also gave the highest daily close above the crucial supply zones so fresh buying led by short covering may continue the momentum in the counter towards Rs 597 and higher levels. We have observed rising trading and delivery volumes in most of the textile counter which indicates that traders have accumulated the stock for next leg of rally. We are suggesting to buy the stock with the stop loss of Rs 558 for the upside target of Rs 597 levels.
HINDALCO : SELL
Target: Rs 75.50
Stop Loss: Rs 83
The major trend of the stock is intact to week as it has been falling down from last five weeks. It witnesses sustain selling pressure at every small bounce back and holding below crucial hurdle of Rs 83 and 80 zones. It has seen fresh call writing at Rs 80 strike which will continue to push the stock to lower levels. One can sell the stock on bounce back move with stop loss of Rs 83 for the downside target of Rs 75.50 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