 "Three stocks you can buy today")
BUY IDEA: The stock surpassed the resistance of 108 zones and gave a consolidation breakout. It turned from the lower levels after forming a strong support base in the previous month and now holding above its 50 DMA. At the current price juncture it is well placed to continue it’s up move towards 113.50 and higher levels. It gave the highest daily close of last 29 trading sessions. It has been making higher highs –higher lows from last three trading sessions. Thus recommending to buy the stock with the stop loss of 106 for the upside immediate target of 113.50 levels.
BUY KOKUYO CAMLIN: The stock has formed inverted head and shoulder on daily chart which has bullish implication and now the stock is set to head towards 85 and higher levels. It is trading above its moving averages and has given a breakout on daily and weekly chart. So one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of 77 levels for the target of 85 levels.
BUY TATAMOTORS: The stock has been making higher top – higher bottom formation from last fourteen days and surpassed the hurdle of 490 levels, thus registered 52 weeks high levels. It witnessed built up of long position with open interest addition of around 3% even at current price juncture. So, one can buy the stock with the stop loss of 475 levels for the upside immediate target of 510 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
BUY KOKUYO CAMLIN: The stock has formed inverted head and shoulder on daily chart which has bullish implication and now the stock is set to head towards 85 and higher levels. It is trading above its moving averages and has given a breakout on daily and weekly chart. So one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of 77 levels for the target of 85 levels.
BUY TATAMOTORS: The stock has been making higher top – higher bottom formation from last fourteen days and surpassed the hurdle of 490 levels, thus registered 52 weeks high levels. It witnessed built up of long position with open interest addition of around 3% even at current price juncture. So, one can buy the stock with the stop loss of 475 levels for the upside immediate target of 510 levels.
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SELL CROMPGREAV: The stock has formed a multiple tops and broken the support of 71.50 levels. It failed to move above 76-77 zones and has turned lower. It has seen liquidation of long position and now fresh shorts are getting grip on the stock to drag it to the lower zones. One can sell the stock with stop loss of 75.50 levels for the downside target of 68 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi