Trading strategies for Bharat Forge and Escorts by Vaishali Parekh

The stock of Bharat Forge is currently indicating a momentum pick up to improve the bias with a trend reversal

BUY BHARAT FORGE | CMP: Rs 538.10 | TARGET: Rs 585-590 | STOP LOSS: Rs 505

The stock has witnessed a short correction from 565 levels and has bottomed out near 505-510 levels, forming a good base. It is currently indicating a momentum pick up to improve the bias with a trend reversal. The RSI also has shown a trend reversal to signal a buy and has got strength to carry on the momentum in the coming days. We suggest to buy and accumulate this stock for an upside target of Rs 585-590, keeping the stop loss near Rs 505 levels.

BUY ESCORTS | CMP: Rs 1,288 | Target: Rs 1,420-1440 | Stop Loss: Rs 1,230

The stock has bottomed out near the trendline support zone of 1,230 levels and has picked up momentum to improve the bias. We anticipate further upward move in the coming days as the RSI indicator is also showing a trend reversal from the oversold zone to signal a buy. We suggest to buy and accumulate this stock for an upside target of Rs 1,420-1,440, keeping the stop loss of Rs 1,230.

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Disclaimer: The author is an analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.