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WELSPUN INDIA: BUY
Target: Rs 935
Stop Loss: Rs 855
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It has given a breakout of its pole and flag pattern after a long consolidation of last 13 trading sessions. It has surpassed immediate hurdle of Rs 880 zones with more than double volumes compare to last couple of sessions. Overall weekly and daily chart is showing strength and momentum may continue towards Rs 935 levels. So recommending buying the stock with the stop loss of Rs 855 for the upside target of Rs 935 levels.
BAJAJ AUTO: BUY
Target: Rs 2,470
Stop Loss: Rs 2,300
It has crossed immediate hurdle of Rs 2375 zones after an accumulation of last 6 weeks and registered a highest daily close in last 29 trading sessions. It has been making higher highs – higher lows from last three trading sessions. Overall medium term trend is positive and after the recent consolidation it looks attractive to start the next leg of rally. It has crossed and close above 50 DMA and buying interest may continue towards immediate target of Rs 2470 levels. So recommending buying the stock with the stop loss of Rs 2300 for the upside target of Rs 2470 levels.
CANARA BANK: BUY
Target: Rs 303
Stop Loss: Rs 282
It has come out from its narrow range trading band where it was continuously finding multiple hurdle near to Rs 288-290 zones. Even after the consolidation it was making higher lows from last four weeks which indicates that support is shifting to higher side with built up of long position. So recommending buying the stock with the stop loss of Rs 282 for the upside target of Rs 303 levels.
TATA CHEMICALS: BUY
Target: Rs 420
Stop Loss: Rs 385
It has taken multiple support near the 365 zones in last three series and now turning from the lower band of the trading range. It has crossed the immediate hurdle of Rs 400 zones. It has negated the weak structure and now holding above Rs 400 zones may take the stock to Rs 420 and higher levels. So recommending buying the stock with the stop loss of Rs 385 for the upside target of Rs 420 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
