Buy BANKBARODA CMP: Rs 254, Stop Loss: Rs 248, Target Rs 266
Stock has broken out of a double bottom pattern on the daily chart and closed above its crucial 250 zones. Buying was visible across the banking space to support the reversal. The RSI indicator is rising which confirms the up move.
Buy MCX CMP: Rs6,824 Stop Loss: Rs 6,620 Target: Rs 7,225
Price is in a strong uptrend with Stop Lossight dips being bought into. It is perfectly respecting its 20 DEMA and gave highest daily close ever. The MACD indicator is rising to support the bullish momentum.
Buy RECLTD CMP: Rs 547, Stop Loss: Rs 526, Target: Rs 590
Stock has bounced up after forming a base at major support levels with a large bodied bullish candle. It has crossed above its 100 DEMA suggesting a trend reversal. The Stochastic indicator has exited the oversold zone supporting upward momentum.
(Disclaimer: Chandan Taparia is a senior vice president, equity derivatives & technicals, wealth management, Motilal Oswal Financial Services Ltd)