BUY HINDPETRO | TARGET: Rs 230 | STOP LOSS: Rs 213 The stock has witnessed a golden crossover on the daily chart where 50-DMA has crossed its 200-DMA from down to up. It has also formed a strong base at around 205 levels and is making a higher top and higher bottom formation on the daily chart. The momentum indicators and oscillators are in the buy mode on the weekly scales which also supports the positive momentum. The stock also witnessed a short covering of positions and now we can expect a build-up of long positions going forward.
BUY BIOCON | TARGET: Rs 480 | STOP LOSS: Rs 448
Read more about Trading ideas by Nilesh Jain of Anand Rathi: Buy L&T, IDFC First Bank on Business Standard. L&T stock has witnessed a build-up of long positions with the addition of 6 per cent open interest
SELL NAUKRI | TARGET: Rs 4,250 | STOP LOSS: Rs 4,600 The stock has formed a bearish engulfing candlestick pattern on the daily chart which is considered as a bearish reversal pattern. The momentum indicator RSI has also reversed from its overbought territory and MACD has provided fresh sell crossover which hints of further weakness in the counter. The stock also witnessed built up of a short position on the derivative front. Based on the above rationale we can expect a fresh weakness in the counter.
SELL M&M FIN | TARGET: Rs 154 | STOP LOSS: Rs 171 The stock has provided a breakdown from a rising channel and has also negated the formation of Higher Top, Higher Bottom formation on the daily chart. The momentum indicators and oscillators have turned negative, where MACD has provided fresh sell crossover on the daily chart which hints at further selling pressure in the short term.
BUY HDFC BANK | TARGET: Rs 1,500 | STOP LOSS: Rs 1,405 The stock has provided a breakout from a falling channel and has negated the formation of a lower top and lower bottom formation on the daily chart. It also surpassed the centerline of the Bollinger Band which is called the exponential moving average, and now is on the verge of a breakout from the upper end of the band which is placed at 1,445 levels. The momentum indicator RSI has also reversed from its oversold territory and is showing signs of reversal which hints of further positive momentum in the counter. The stock also witnessed built up of a long position on the derivative front. Based on the above rationale we can expect a fresh momentum in the counter.
BUY IGL | TARGET: Rs 535 | STOP LOSS: Rs 480 The stock has provided a golden crossover on the daily chart where a 50-DMA surpassed its 200-DMA hinting at a fresh momentum in the counter. On the weekly scale, meanwhile, it is hovering near its 200-weekly moving average placed at 501 levels and breakout from the same will be confirmed on the higher side. The momentum indicators and oscillators are in the buy mode on the weekly scales which also supports the positive momentum.
BUY COLPAL | TARGET: Rs 1,700 | STOP LOSS: Rs 1,570 The stock is in a secular uptrend and has provided a breakout from a double bottom formation on the daily chart. It has also surpassed the upper band of the Bollinger band which hints of a fresh upmove in the counter. The momentum indicator RSI has reversed from oversold territory and MACD has provided a fresh buy crossover on the daily chart.