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SYNGENE: BUY
The major trend of the stock is positive and it has a tendency of turning form the support levels and we are expecting a continuation in the behavior of the counter. Its support is shifting to higher levels and now it may continue the up move towards 410 and higher levels. It gave the highest daily close of last 31 trading sessions. Thus, recommending buying the stock with the stop loss of Rs 386 for the upside target of Rs 410 levels.
The major trend of the stock is positive and it has a tendency of turning form the support levels and we are expecting a continuation in the behavior of the counter. Its support is shifting to higher levels and now it may continue the up move towards 410 and higher levels. It gave the highest daily close of last 31 trading sessions. Thus, recommending buying the stock with the stop loss of Rs 386 for the upside target of Rs 410 levels.
DABUR INDIA: BUY
The stock has taken support at Rs 230-235 zones and is holding the base from last seven weeks after the fall witnessed in the month of January from Rs 281 to Rs 231 levels. It is again taking support around the same zone after the consecutive fall of last two trading sessions. It is turning from the lower levels and according to its current price behavior its well placed to edge higher towards 250 and higher levels. Thus we are recommending buying the stock with the strict stop loss of Rs 230 for the upside target of Rs 250 levels.
APOLLO TYRES: SELL
The stock has been falling from last five series and it witnesses selling pressure at every resistance levels. It witnessed a strong run up from 133-166 levels but failed to cross immediate hurdle of 167 zones and broke the immediate support of 157 levels indicating further weakness in the counter. One can sell the stock on bounce back move with stop loss of Rs 161 for the downside target of Rs 151 levels.
The stock has been falling from last five series and it witnesses selling pressure at every resistance levels. It witnessed a strong run up from 133-166 levels but failed to cross immediate hurdle of 167 zones and broke the immediate support of 157 levels indicating further weakness in the counter. One can sell the stock on bounce back move with stop loss of Rs 161 for the downside target of Rs 151 levels.
JINDAL STEEL: SELL
The stock is continuously falling and is hovering near its multi year low levels. It has been making lower top – lower bottom and every small bounce back is being sold in the counter. It has added fresh built up of short position even at current levels and sustains call writing at all higher strike also indicates its weak price structure. Thus, recommending selling the stock on bounce back move with the stop loss of Rs 58 for the downside target of Rs 50.50 levels.
The stock is continuously falling and is hovering near its multi year low levels. It has been making lower top – lower bottom and every small bounce back is being sold in the counter. It has added fresh built up of short position even at current levels and sustains call writing at all higher strike also indicates its weak price structure. Thus, recommending selling the stock on bounce back move with the stop loss of Rs 58 for the downside target of Rs 50.50 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
Chandan Taparia is a technical analyst with Anand Rathi
