Stock recommendations from HDFC Sec: Buy Alkem Labs, CreditAccess Grameen

Technical calls from Vinay Rajani, Technical & Derivatives Analyst, HDFC securities.

GO LONG IN NIFTY WITH 11,900 STOPLOSS; TGT 12,200

On Tuesday, Nifty recovered more than 100 points from the bottom of 11,908 in the second half of the trade. This move has resulted in a bullish “Hammer” candlestick pattern on the daily charts. Nifty has retraced 50 per cent of the entire rally seen from 11,614 (3rd Feb 2020) to 12,246 (14th Feb 2020). Considering the primary bullish trend, we recommend initiating longs in Nifty for the upside target of 12,200, keeping stop loss at 11,900.

BUY ALKEM LAB (CMP: Rs 2,620) | Target: Rs 2,800 | Stop-loss: Rs 2,500
 

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