 "Image via Shutterstock")
MARUTI SUZUKI: BUY
Target: Rs 4,765
Stop Loss: Rs 4,467
It is holding its positive stance and has given a strong breakout from the consolidation of last six weeks even after a decline in the broader market which indicates that the major trend of the stock is intact to positive. It is continuously taking support at its rising support trend line and has been respecting to its 50 DMA. It gave the highest daily close of last twenty five trading sessions. Thus recommending the traders to buy the stock with the stop loss Rs 4467 for the upside immediate target of Rs 4765 levels.
KPIT TECH: BUY
Target: Rs 160
Stop Loss: Rs 146
It has formed multiple bottoms near Rs 100 zones and now the support has shifted to Rs 135-140 zones. It is set to start an up move after the long consolidation of last 6 to 7 months. Earlier it corrected from Rs 232 to 85 zones and now moving upwards after an accumulation so looks strong even in terms of risk reward ratio. Thus recommending the traders to buy the stock with the stop loss Rs 146 for the upside immediate target of Rs 160 levels.
INFOSYS: BUY
Target: Rs 1,177
Stop Loss: Rs 1,115
The stock is taking multiple supports and that support base is shifting to higher levels. It has formed an attractive price structure and has been making higher top - higher bottom formation on weekly chart. Thus showing the potential to head towards Rs 1177 and higher levels as it is also turning from the major Rs 1115 levels. So, recommending buying the stock with stop loss of Rs 1115 for the upside target of Rs 1177 levels.
CAIRN INDIA: SELL
Target: Rs 140
Stop Loss: Rs 151.50
It is trading in weakness from last 18 series and witnessing selling pressure at every minor attempt to bounce back. It has formed a breakdown pattern and has added short positions with shorts rollover from last series to current series and holding below Rs 147.50 may continue the distress selling towards Rs 140 and lower zones. One can sell the stock with stop loss of Rs 151.50 for the downside target of Rs 140 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
