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BUY ASHOK LEYLAND: The stock surpassed its falling supply trend line with strong buying interest and is moving after taking support at it 50 weekly moving average. It is moving after taking support at its 61.8% Fibonacci retracement levels of its recent fall and has been making higher highs from last four trading sessions. It also crossed and closed above its 200 DMA. Thus one can buy the stock with the stop loss of Rs 92 for the upside immediate target of Rs 100 levels.
BUY CUMMINS: The stock has been making higher highs – higher lows from last three trading sessions and surpassed the hurdle of Rs 880-885 zones and gave a consolidation breakout. It turned from the lower levels after forming a strong support base and is now holding above its 50 DMA. It gave the highest daily close of last fifty three trading sessions. Thus recommending to buy the stock with the stop loss of Rs 854 for the upside immediate target of Rs 910 levels.
SELL BANK OF BARODA: The stock has been continuously witnessing selling pressure and making lower highs from last four trading sessions. It had failed to sustain above its multiple hurdle of Rs 165 levels and broke its support of Rs 153.50-154 levels. It has been witnessing built up of short position and added open interest by around 15% in last couple of sessions. So, one can sell the stock with the stop loss of Rs 158 levels for the downside target of Rs 149.
SELL BHARAT FORGE: The stock failed to cross multiple hurdle of Rs 755-760 zones even after the struggle of last three sessions. It is witnessing sustained selling pressure on every bounce back move which indicates that bears are quite active to push the counter on lower levels. We are expecting same price behavior to continue for next couple of trading sessions as it has been witnessing built up of short as well as liquidation of long position. One can sell on bounce back move with the stop loss of Rs 755 for the downside target of Rs 705 levels.
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DISCLAIMER: We are suggesting these stocks to our clients but not personal holdings.
