 "Image via Shutterstock")
LIC HOUSING FINANCE: BUY
Target: Rs 500
Stop Loss: Rs 465
It has been consolidating in a range between Rs 471 to 499 zones from last five weeks and has managed to hold the multiple support base at Rs 471- 472 zones. The stock is not ready to give up even after sustain supply at higher levels which clearly indicates inherent strength of the counter. Looking at the price pattern and over all data we are recommending buying the stock with the strict stop loss of Rs 465 for the upside target of Rs 500 levels.
M&M: BUY
Target: Rs 1295
Stop Loss: Rs 1213
The stock is forming higher lows from last three trading sessions and gave the perfect example of v shaped recovery on daily chart. It had witnessed a correction from Rs 1300 to 1173 and is now moving after negating the negativity of previous two week. It managed to cross its 50 DMA and registered highest daily close of last eight trading sessions. Thus recommending the traders to buy the stock with the stop loss at Rs 1213 for the upside immediate target of Rs 1295 levels.
INDUSIND BANK : BUY
Target: Rs 940
Stop Loss: Rs 885
It is holding its positive stance and taking support at its rising trend line. It is consolidating in a range from last six trading sessions even after a profit booking decline in the broader market which indicates that the major trend of the stock is intact to positive. Thus recommending the traders to buy the stock with the stop loss Rs 885 for the upside immediate target of Rs 940 levels.
SYNDICATE BANK: SELL
Target: Rs 89.50
Stop Loss: Rs 97
It failed to cross a strong hurdle of Rs 97-98 zones and has been making lower top – lower bottom formation. It is witnessing built up of short position and we are expecting this weakness to continue for next coming sessions. So, one can sell the stock with the stop loss of Rs 97 for the downside target of Rs 89.50 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
