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EID PARRY: BUY
Target: Rs 211
Stop Loss: Rs 190
The stock crossed the immediate hurdle of 199-200 zones and registered a price volume breakout on daily chart. It witnessed a consolidation in last four sessions after a positive price run from Rs 159 to 202 and now again it started to move which has bullish implication. It is holding above its 50 DMA and gave the highest close since 11th January, 2016. Thus recommending to buy the stock with the stop loss of Rs 190 for the upside target of Rs 211 levels.
AXIS BANK: BUY
Target: Rs 430
Stop Loss: Rs 402
The stock has breached its falling supply trend line and is moving up after a consolidation of eight trading sessions. It has been holding onto its support at around its 50 DMA and is also showing strength with all the banking counters to head towards Rs 430 and higher levels. It gave highest daily close of last thirty three trading sessions. We are suggesting buying the stock with stop loss of Rs 402 for an immediate target of Rs 430 levels.
CIPLA: SELL
Target: Rs 512
Stop Loss: Rs 545
The stock broke its support of Rs 530 levels and failed to recover with the recovery in the broader market. It is turning from the resistance levels and shorts are being active in the counter. It has been making lower top – lower bottom formation from last five series and witnesses selling pressure at every attempt to bounce. One can sell the stock with stop loss of Rs 545 for the downside target of Rs 512 levels.
HCLTECH: SELL
Target: Rs 795
Stop Loss: Rs 850
The stock snapped the gains of last three trading sessions and failed to cross the hurdle of Rs 835 zones. It has a tendency of witnessing selling pressure at every attempt to bounce back and the overall trend of the stock is negative to range bound. The shorts are intact in the counter as it has been falling from last five series. One can sell the stock with stop loss of Rs 850 for the downside target of Rs 795 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi.
