ARVIND: BUY
Target: Rs 286
Stop Loss: Rs 269
The stock is set to cross its 50 DMA and is continuously respecting its 13 DMA. Overall it is moving from last three weeks and is set to continue to edge higher towards Rs 286 and higher levels. Recently, it crossed its falling supply trend line in the previous week and also looks attractive in terms of risk reward ratio. Thus recommending to buy the stock with the stop loss of Rs 269 for the upside target of Rs 286 levels.
BALRAMPUR CHINI: BUY
Target: Rs 104
Stop Loss: Rs 95
The stock crossed its immediate hurdle of Rs 101 levels after the consolidation of last ten trading sessions and registered five years high. It witnessed a consolidation in last six sessions after a positive price run from Rs 84 to 102 and now again it started to move which has bullish implication indicating a further up move in the higher territory. It has been continuously respecting its 50 DMA and supporting the short term positive view in the counter. Thus recommending to buy the stock with the stop loss of Rs 95 for the upside target of Rs 104 levels.
TVSMOTOR: BUY
Target: Rs 325
Stop Loss: Rs 304
The stock has given a consolidation price breakout after a huge accumulation in between Rs 302 to 255 zones in last 17 weeks and registered lifetime high levels. It witnessed built up of long position with huge open interest addition of around 12% in previous session indicating that bulls are intact even at the current price level. Thus, it is supporting our positive move in the counter. One can accumulate the stock with stop loss of Rs 304 for the upside immediate target of Rs 325 levels.
ORIENTAL BANK: SELL
Target: Rs 89
Stop Loss: Rs 97
The stock failed to cross its hurdle of Rs 93 levels and is continuously finding hurdle at every resistance levels even after the recovery in the broader market. It has been making lower top – lower bottom formation on daily, weekly and monthly chart. It has a tendency of witnessing selling pressure at every minor attempt to bounce back. It has been witnessing built up of short position which has bearish implication for further declines. One can sell the stock with stop loss of Rs 97 for the downside target of Rs 89 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a derivatives analyst with Anand Rathi
