 "Image via Shutterstock")
EMAMI: BUY
STOP LOSS: Rs 965
TARGET: Rs 1035
The stock crossed its 50 DMA and gave the highest daily close of last five weeks above its 1000 levels with rise in trading volumes. It is holding the support after the fall of last four months thus also looks attractive in terms of risk reward ratio. One can buy the stock with stop loss of 965 for the upside target of 1035 levels.
GATEWAY DISTRIPARKS: BUY
STOP LOSS: Rs 326
TARGET: Rs 350
The stock has been continuously holding the support base even after the volatile move in the market. It crossed the daily and weekly hurdle of 355 levels and closed above its 50 DMA with rising trading volumes after eighteen trading sessions. It is not ready to give up even after supply at higher levels which clearly indicates strength in the counter. One can buy the stock with stop loss of 326 for the upside target of 350 levels.
COLGATE PALMOLIVE: BUY
STOP LOSS: Rs 905
TARGET: Rs 970
The stock negated the negative move of last three weeks and has taken support at its multiple support of 901 levels. It is turning from its oversold territory with rising volumes and looks attractive in terms of risk reward ratio. It snapped the losses of last four trading sessions and gave a reversal led by short covering activities. One can buy on a small decline the stock with stop loss of 905 for the upside target of 970 levels.
SYNDICATE BANK: SELL
STOP LOSS: Rs 79.50
TARGET: Rs 72
The stock has been making lower top – lower bottom formation with sustained supply pressure along with all the PSU banks. It has a tendency of witnessing selling pressure at every minor attempt to bounce back. It has broken the weekly support and September low of 75.60 zones and registered the fresh 52 weeks lows. It has been witnessing built up of short position even at current levels which has bearish implication for further declines. One can sell the stock with stop loss of 79.50 for the downside target of 72 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
