Stock picks by Nilesh Jain of Anand Rathi: Buy Adani Gas, Aarti Industries

Adani Gas stock is on the verge of a major breakout from a symmetrical triangle formation on the daily chart

BUY AARTI IND | TARGET: Rs 1,050 | STOP LOSS: Rs 970

The stock has provided a fresh breakout from its downward sloping trend line. It has also formed a strong base and consistently taking the support of its 200-DMA which is placed at 970 levels. The momentum indicator RSI has reversed from its oversold territory and MACD has provided a buy crossover on the daily scale which hints of positive momentum in the counter. So, based on the above rationale, we can expect the stock to test 1050 levels and one should keep a stop loss at its 200-DMA which