IGARSHI: BUY
Target: Rs 565
Stop Loss: Rs 530
The stock gave a classical example of resistance becoming support. Earlier it was finding hurdle at Rs 525-530 levels and now the same is acting as support. It has formed a short term flag and pole pattern on daily chart as after a strong run from Rs 500 to 565 levels it moved sideways and now it is again set for a fresh rally towards Rs 565 and higher levels. So we are recommending to buy the stock with stop loss of Rs 530 for the upside immediate target of Rs 565 levels.
VOLTAS: BUY
Target: Rs 285
Stop Loss: Rs 267
The stock has been making higher top- higher bottom formation from last thirty one trading sessions and holding the gains above 50 DMA. It is also making higher highs from last five consecutive weeks and support base in continuously shifting to higher levels with rise in trading volumes. It gave the highest daily close of last thirty four trading sessions. So we are recommending to buy the stock with stop loss of Rs 267 for the upside immediate target of Rs 285 levels.
SKSMICRO: BUY
Target: Rs 565
Stop Loss: Rs 530
The stock has given a breakout from the consolidation of last seventeen trading sessions and crossed and closed above its immediate hurdle of 542-543 levels. It consolidated after a strong run up from Rs 457 to 542 levels in the start of March series and witnessed longs being carried for next series indicating further upside move in the counter towards Rs 565 and higher levels. So we are recommending to buy the stock with stop loss of Rs 530 for the upside immediate target of Rs 565 levels.
CAIRN: SELL
Target: Rs 152
Stop Loss: Rs 161
The stock started to witness selling pressure after a strong bounce from Rs 113 to 160 levels. Now it is losing its momentum and declining from last couple of trading sessions. Fresh shorts are being built in the counter with the rollover position which may continue to drag it to lower levels. Thus one can sell the stock with stop loss of Rs 161 for the downside target of Rs 152 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a derivative analyst with Anand Rathi.
