 "Chart Check: ACC, HPCL, Aurobindo Pharma")
AUROBINDO PHARMA: BUY
STOP LOSS: Rs 842
TARGET: Rs 900
It has been making higher top – higher bottom from last ten trading sessions and recovered well from Rs 781 to Rs 871 levels. It made a new life time high by surpassing previous high of 861.50 levels. It crossed all the hurdle and entered into uncharted territory with strong momentum so up move can extend for next coming sessions.
STOP LOSS: Rs 842
TARGET: Rs 900
It has been making higher top – higher bottom from last ten trading sessions and recovered well from Rs 781 to Rs 871 levels. It made a new life time high by surpassing previous high of 861.50 levels. It crossed all the hurdle and entered into uncharted territory with strong momentum so up move can extend for next coming sessions.
HPCL: BUY
STOP LOSS: Rs 815
TARGET: Rs 866
It was resilience at the time of market fall and was holding the gains above 50 DMA with major support of 805 levels. It is moving after the consolidation of last ten trading session as it has come out from a small triangle pattern and looks strong for an up move towards 866 levels. Traders can buy the stock on small decline with stop loss of Rs 815 for the upside target of 866 levels.
STOP LOSS: Rs 815
TARGET: Rs 866
It was resilience at the time of market fall and was holding the gains above 50 DMA with major support of 805 levels. It is moving after the consolidation of last ten trading session as it has come out from a small triangle pattern and looks strong for an up move towards 866 levels. Traders can buy the stock on small decline with stop loss of Rs 815 for the upside target of 866 levels.
BHARTI INFRATEL: BUY
STOP LOSS: Rs 401
TARGET: Rs 431
It has made multiple bottom and finally witnessed momentum after the long consolidation of last ten weeks. It has surpassed immediate hurdle of Rs 410 zones and also taken support at 50 DMA. It has added significant open interest by more than 15% which indicates that fresh longs are being added in the counter to drive the next leg of rally.
STOP LOSS: Rs 401
TARGET: Rs 431
It has made multiple bottom and finally witnessed momentum after the long consolidation of last ten weeks. It has surpassed immediate hurdle of Rs 410 zones and also taken support at 50 DMA. It has added significant open interest by more than 15% which indicates that fresh longs are being added in the counter to drive the next leg of rally.
ACC: SELL
STOP LOSS: 1,385
TARGET: Rs 1,315
It has failed to cross immediate hurdle of Rs 1,360-1,364 zones even after the struggle of last five trading sessions and now turning lower with the built up of short position. It has a dull price behavior and witnesses sustained selling after every small bounce back move. It is also trading below its monthly volume weight age average and fresh shorts may take it to lower levels.
STOP LOSS: 1,385
TARGET: Rs 1,315
It has failed to cross immediate hurdle of Rs 1,360-1,364 zones even after the struggle of last five trading sessions and now turning lower with the built up of short position. It has a dull price behavior and witnesses sustained selling after every small bounce back move. It is also trading below its monthly volume weight age average and fresh shorts may take it to lower levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a derivative and technical analyst with Anand Rathi
