TVS Motor, Aurobindo Pharma: Top picks by Chandan Taparia of Motilal Oswal

On the daily chart TVS Motor's price has broken out on the upside from an ascending triangle with higher-than-average buying volumes

Buy TVS Motor, CMP: Rs 2,631, Stop loss Rs 2,535, Target: Rs 2,820.

On the daily chart price has broken out on the upside from an ascending triangle with higher-than-average buying volumes. The RSI indicator is headed up which suggests upward momentum.

Buy Aurobindo Pharma, CMP: Rs 1,507, Stop loss Rs 1,445, Target: Rs 1,625.

Stock is in a strong uptrend with the most recent candle being a large bullish candle breaching the previous all-time high price. The ADX Indicator has been moving up since its trough which indicates the up move has strength to support it.

Buy Balrampur Chini CMP: Rs 511, Stop loss: Rs 495, Target: Rs 560

 

Price has broken out of a consolidation zone on the daily and weekly chart and holding gains at higher zones. The Rate of Change Indicator has turned up which confirms the up move.

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