 "Chart Check: TVS Motor, HUL, RIL")
TVS MOTOR: BUY
Stop Loss: Rs 274
Target: Rs 297
It has taken multiple support near to 270-272 zones and also respected to its 50 DMA on closing basis. It has crossed immediate hurdle of 281-283 zones and looks strong for an up move towards 297 and 305 levels. Major trend of the stock is positive and after the recent price and time correction it looks strong even in terms of risk – reward ratio.
HUL: BUY
Stop Loss: Rs 828
Target: Rs 880
It has given a strong move in last two trading sessions and also witnessed a price volume breakout on the daily chart. It has recently taken support near to 812 levels and crossed its multiple hurdle of 835-842 zones. It is moving after a long consolidation of last 14 weeks so this momentum may continue for next coming sessions.
RIL: BUY
Stop Loss: Rs 947
Target: Rs 1,001
It has been moving upwards from last four trading sessions and also turned from multiple support of 915-920 zones. It has seen short covering and now fresh longs are taking it to higher levels. It has next hurdle near to 995-10001 zones and above that a fresh leg of rally cannot be ruled out in the counter. It is witnessing Put writing at all lower strikes that also gives a comfort that supports are shifting to higher levels.
BHEL: SELL
Stop Loss: Rs 173.50
Target: Rs 160
The stock has been making lower top – lower bottom formation from last eight weeks. It is under the bear grip and not ready to witness any bounce back move even after the support based buying in the broader market. It has failed to surpass immediate hurdle of 172 zones and fresh Call writing at higher strike also support our negative view on the counter.
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
