Apollo Tyres, Granules among top picks by Chandan Taparia of Motilal Oswal

Buy ICICI Prudential CMP: Rs 740, Stop loss: Rs 720, Target: Rs 800

It is forming an ascending triangle on the daily time frame and is on the verge of an upward breakout. The On Balance Volume Indicator has been making higher highs indicating rising overall volume which indicates the potential up move.

Buy Apollo Tyres CMP: Rs 499, Stop loss: Rs 484, Target: Rs 530

Apollo Tyres has retested its breakout level on the daily chart with higher than average buying volumes indicating bullish sentiment. Momentum indicator RSI has given bullish cross over and has turned up which suggests a possible up move.

 

Buy Granules CMP: Rs 675, Stop loss: Rs 660, Target: Rs 710

An Inverted hammer formed near its support and price has turned up since which suggests buyers are in control. It has negated lower highs - lower lows after four trading sessions and supports are gradually shifting higher.

(Chandan Taparia is a senior vice president of equity derivatives & technicals, broking & distribution at Motilal Oswal Financial Services Ltd. Views expressed are his own.)